Coffee Holding Co., Inc. (Nasdaq: JVA) has reported its financial results for the fiscal year ending October 31, 2024, marking its third-best annual performance since becoming a publicly traded company.
According to the company’s latest financial statement, net sales increased by 15% in 2024 compared to the previous year. Gross margins improved from 16% in 2023 to 20% in 2024, while net income reached $2.25 million, or $0.39 per share, reversing a net loss of $835,576, or ($0.15) per share, recorded in 2023.
The company attributed its financial gains to sustained high coffee prices, which remained above $2.00 per pound for most of the year. This price environment bolstered profitability in the wholesale green coffee segment while mitigating the impact of margin pressures in the private-label sector.
Coffee Holding Co. President and CEO Andrew Gordon noted that the company faced challenges in managing pricing adjustments, particularly in response to rising commodity costs. “Even with commodity prices increasing sharply, we had to delay price hikes for our large supermarket and wholesale customers until national brands made similar adjustments. This impacted revenues and earnings in the early part of the fiscal year, but price increases implemented in the latter half of 2024 have positioned us for stronger financial performance in 2025,” Gordon said.
In addition to price dynamics, the company navigated broader macroeconomic challenges, including inflationary pressures, increased transportation costs, and rising healthcare and insurance expenses. Despite these hurdles, Coffee Holding Co. reported a strengthened balance sheet, reduced debt levels, and renegotiated its lease at its Staten Island headquarters, resulting in projected annual savings of approximately $72,000.
Looking ahead, Gordon expressed optimism about the company’s financial trajectory. “Our continued focus on operational efficiencies, cost reduction, and revenue growth gives us confidence in our ability to deliver value to shareholders in the coming years,” he stated.
About Coffee Holding Co., Inc.
Founded in 1971, Coffee Holding Co., Inc. is a U.S.-based wholesale coffee roaster and dealer, providing a diverse range of coffee products to retailers and distributors across the country. The company supplies both branded and private-label coffee and imports green coffee beans for resale to regional roasters and coffee shops in the U.S. and Canada.
Forward-Looking Statements
This report includes forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements reflect the company’s expectations regarding future financial performance and market conditions but are subject to risks and uncertainties that could impact actual results. Factors such as product demand, market fluctuations, and economic conditions may influence the company’s future performance. Coffee Holding Co. does not undertake any obligation to update these statements based on new information or future developments.