Farmer Brothers Company (FARM) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports net sales of $90.0 million for the quarter, a slight increase from $89.5 million in the same quarter the previous year. The increase is attributed to higher pricing.
Gross profit for the quarter was $38.8 million, up from $36.1 million in the previous year, with a gross margin increase to 43.1% from 40.4%. This improvement is primarily due to better pricing.
Operating expenses increased to $37.8 million from $31.7 million, with a notable loss on asset disposal of $1.5 million compared to a gain of $6.1 million in the previous year.
Net income for the quarter was $210,000, down from $2.7 million in the previous year. The decrease is largely due to the absence of asset disposal gains.
Cash provided by operating activities was $5.0 million, compared to cash used of $10.9 million in the previous year. This change is driven by increased gross profit and decreased inventories.
The company reported $5.2 million used in investing activities, primarily due to lower proceeds from asset sales compared to the previous year.
Farmer Brothers had $23.3 million in outstanding borrowings on its Revolver Credit Facility as of December 31, 2024, with $23.7 million available for borrowing.
The filing also discusses various financial metrics and operational strategies, including adjustments to EBITDA calculations and ongoing cost management efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Farmer Brothers Company quarterly 10-Q report dated February 6, 2025. To report an error, please email [email protected].