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Jun 30, 2023
Westrock Coffee Q2 2023 Earnings Report
Reported financial results for the second quarter and announced the closing of $118.8 million equity investment.
Key Takeaways
Westrock Coffee Company reported a slight increase in consolidated net sales, but experienced a net loss due to acquisition expenses and non-cash expenses. The company closed an upsized common stock equity raise of $118.8 million to fund expansion opportunities.
Consolidated net sales increased by 0.6% to $224.7 million compared to the second quarter of 2022.
Consolidated gross profit was $35.7 million, including $1.0 million of non-cash mark-to-market gains.
Net loss was $26.8 million, which included $2.9 million of acquisition, restructuring and integration expenses.
Adjusted EBITDA was $11.3 million, a decrease of $2.0 million compared to the second quarter of 2022.
Westrock Coffee
Westrock Coffee
Westrock Coffee Revenue by Segment
Revenue by Segment
Beverage Solutions Revenue
CapyFin.com Forward Guidance
The company is reaffirming its guidance provided on June 30, 2023 for 2023 consolidated Adjusted EBITDA to grow flat to 10% over 2022.