Farmer Bros. Reports Drop in Quarter
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Farmer Bros. Co. reported a 40% drop in quarterly earnings. The Torrance-based company, which sells coffee, tea and spices to restaurants and institutional food services, said profit for its first fiscal quarter fell $1.5 million, or 11 cents a share, from $2.5 million, or 14 cents, a year earlier.
The company blamed higher coffee prices and a drop in investment income for its smaller profit.
However, an improving economy helped it record a small gain in sales, to $46.7 million in the first quarter versus $45.7 million for the same quarter last year.
Before the earnings announcement, Farmer Bros. shares fell 44 cents to $26.78 on Nasdaq.
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