Farmer Bros. Co. (NASDAQ:FARM) Q1 2025 Results Conference Call November 7, 2024 5:00 PM ET
Company Participants
John Moore - President and CEO
Vance Fisher - CFO
Conference Call Participants
Gerry Sweeney - ROTH Capital
Eric Des Lauriers - Craig-Hallum Capital Group
Operator
Good afternoon, and welcome to the Farmer Brothers Fiscal First Quarter 2025 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded.
Earlier today, the company filed its Form 10-Q and issued its first quarter results press release, which is available on the Investor Relations section of Farmer Brothers' website at farmerbros.com. The release is also included as an exhibit on the company's Form 10-Q and is available on its website and the Securities and Exchange Commission's website at sec.gov. A replay of this audio-only webcast will also be available on the company's website approximately 2 hours after the conclusion of this call.
Before we begin the call, please note all of the financial information presented is unaudited. And various remarks made by management during this call about the company's future expectations, plans and prospects may constitute forward-looking statements for the purposes of the safe harbor provisions under the federal securities laws and regulations. These forward-looking statements represent the company's views as of today and should not be relied upon as representing the company's views as of any subsequent date. Results could differ materially from those forward-looking statements.
Additional information on factors which could cause actual results and other events to differ materially from those forward-looking statements is available in the company's release and public filings. On today's call, management will also reference certain non-GAAP financial measures, including adjusted EBITDA and adjusted EBITDA margin in assessing the company's operating performance. Reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures is also included in the company's release and SEC filings.
I will now turn the call over to Farmer Brothers' President and Chief Executive Officer, John Moore. Mr. Moore, please go ahead.
John Moore
Good afternoon, everyone, and thank you for joining us. The first quarter showed steady improvement for Farmer Brothers. We saw solid sales growth and meaningful gains in both gross margin and adjusted EBITDA on a year-over-year and quarter-over-quarter basis. These results underscore the positive progress we have made recently.
They are also the result of efforts related to our brand pyramid and SKU rationalization initiatives, enhancements with our inventory management processes, proactive and favorable pricing updates, and realignments within our sales team. During the quarter, we achieved another milestone related to our brand pyramid initiative with the refresh of our premium Boyd's Coffee brand. Boyd's includes a diverse range of classic, light, medium and dark roasts in addition to single origin and flavored offerings. Boyd's is specifically geared toward our C-store casual dining restaurants, hospitality, health care, entertainment and gaming customers. Historically, Boyd's has been predominantly a West Coast brand.