The United States’ Westrock Coffee has reported its financial results for the fourth quarter and full year for 2023.
“Last year was a significant transition year for Westrock and we now enter 2024 with a number of critical system migrations and capital equipment upgrades behind us,” says Westrock Coffee CEO and Co-founder Scott T. Ford.
The company reported US$864.7 million in consolidated net sales for 2023, a decrease of US$3.2 million or 0.4 per cent compared to 2022.
Consolidated net sales reached US$215 million for Q4 2023, while consolidated gross profit was US$34.8 million, including US$0.9 million of non-cash market-to-market losses.
“The entire team worked tirelessly to modernise our legacy manufacturing operations while simultaneously building a new Extract and Ready-to-Drink plant in Conway, Arkansas, which is scheduled to deliver its first commercial products to customers next month,” Ford says.
Adjusted EBITDA was US$13.7 million during Q4, while the company’s Beverage Solutions segment contributed US$175.1 million of net sales and US$11.7 million of adjusted EBITDA during the quarter.
The company expects consolidated adjusted EBITDA to be between US$60 and US$80 million in the 2024 fiscal year.
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