Freshpet Inc Reports Second Quarter 2024 Financial Results

Freshpet, Inc. Reports Second Quarter 2024 Financial Results

BEDMINSTER, N.J., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Freshpet, Inc. (NASDAQ:FRPT) reported its financial results for the second quarter ending June 30, 2024.

Key Financial Metrics:

Freshpet demonstrated a strong year-over-year performance, with a significant increase in revenue and gross margin. The company's earnings per share (EPS) met consensus estimates, while Adjusted EBITDA saw substantial growth.

Revenue Performance Across Segments:

The revenue growth was driven entirely by volume gains, meeting the raised expectations for net sales.

Operational Data:

Freshpet successfully managed a decrease in net loss and improved its operational efficiency as indicated by a reduction in adjusted SG&A as a percentage of net sales.

Comments from Company's Officers: Billy Cyr, Freshpet's CEO, stated: "Freshpet is delivering disciplined growth. That has enabled us to significantly improve profitability while continuing to deliver category-leading net sales growth. We are raising our net sales and Adjusted EBITDA guidance for the year to reflect our outperformance in the first half, as well as our conviction in our ability to execute in the second half of the year."

Dividends and Share Repurchase Program: - No announcements about dividends or share repurchase programs were provided.

Forward Guidance: For the full year 2024, Freshpet updated its guidance: - Net sales of at least $965 million, an increase from a previous guidance of at least $950 million. - Adjusted EBITDA of at least $140 million, up from a previous guidance of at least $120 million. - Capital expenditures of approximately $200 million, lowered from ~$210 million.

Stock Price Movement: Following the earnings release, Freshpet's stock saw an increase of approximately 5.65%.

Freshpet's second quarter results show robust growth and improved profitability, along with optimistic guidance for the remainder of the year.