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Farmer Bros. profit misses consensus by 78.8% in fiscal Q3

Farmer Bros. Co. said its normalized net income for the fiscal third quarter ended March 31 came to 2 cents per share, compared with the S&P Capital IQ consensus estimate of 12 cents per share.

EPS decreased 67.5% year over year from 8 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $405,000, a decline of 67.2% from $1.2 million in the prior-year period.

The normalized profit margin fell to 0.3% from 1.0% in the year-earlier period.

Total revenue rose 5.6% on an annual basis to $132.5 million from $125.5 million, and total operating expenses grew from the prior-year period to $130.2 million from $127.6 million.

Reported net income came to a loss of $2.6 million, or a loss of 16 cents per share, compared to income of $2.6 million, or 16 cents per share, in the prior-year period.