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Farmer Bros. profit misses consensus by 55.6% in fiscal Q2

Farmer Bros. Co. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, was 15 cents per share, compared with the S&P Capital IQ consensus estimate of 34 cents per share.

EPS fell 26.5% year over year from 21 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.4 million, a decline of 25.5% from $3.3 million in the year-earlier period.

The normalized profit margin declined to 1.7% from 2.3% in the year-earlier period.

Total revenue rose on an annual basis to $144.8 million from $143.1 million, and total operating expenses increased on an annual basis to $140.3 million from $137.4 million.

Reported net income declined 37.1% year over year to $2.9 million, or 18 cents per share, from $4.6 million, or 29 cents per share.