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Intellectia.AI Updated: 2024-08-08
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Freshpet, Inc. (NASDAQ: FRPT) reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | Year-over-Year Change | Quarter-over-Quarter Change | Consensus Estimates |
|---|---|---|---|---|---|---|
| Revenue | $235.3 million | NA | $183.3 million | +28.3% | NA | $231.05 million |
| Earnings per Share (EPS) | Not specified | NA | Not specified | NA | NA | -$0.05 |
| Net Income (Loss) | -$1.7 million | NA | -$17.0 million | Improved | NA | NA |
| Gross Margin | 39.9% | NA | 32.3% | +760 basis points | NA | NA |
| Adjusted EBITDA | $35.1 million | NA | $9.0 million | +290% | NA | NA |
Interpretation: Freshpet’s Q2 revenue of $235.3 million surpassed the consensus estimate of $231.05 million and represents a robust year-over-year increase of 28.3%. The net loss significantly narrowed from $17 million to $1.7 million due to higher sales, improved gross margins, and lower logistics costs. Adjusted EBITDA saw a remarkable increase, indicating improved operational efficiency.
Revenue Performance Across Major Segments:
| Segment | Q2 2024 Revenue | Prior Guidance | Year-over-year Increase |
|---|---|---|---|
| General Revenue | $235.3 million | Not specified | +28.3% |
Interpretation: Freshpet achieved a 28.3% increase in sales driven entirely by volume gains, indicating strong market demand and successful scaling of operations.
Operational Data:
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Net Cash from Operations | $47.8 million | -$0.3 million |
Comments from Company's Officers:
Billy Cyr, Chief Executive Officer, commented, "Freshpet is delivering disciplined growth. The momentum we have today gives us even greater confidence in our ability to achieve our 2027 targets. We plan to create meaningful shareholder value by continuing this disciplined growth."
Announced Dividends or Share Repurchase Program:
No information provided on dividends or share repurchase program.
Forward Guidance:
For full-year 2024, Freshpet updated its guidance: - Net sales of at least $965 million, an increase of at least 26% from 2023. - Adjusted EBITDA of at least $140 million, up from at least $120 million in previous guidance. - Capital expenditures of approximately $200 million, down from $210 million in previous guidance.
Stock Price Movement:
After the earnings release, Freshpet’s stock price saw an increase of approximately 2.78%.
Summary:
Freshpet reported strong financial results for Q2 2024, with significant improvements in profitability and operating cash flow driven by volume growth. The company's updated guidance reflects confidence in continued performance, contributing to a positive stock price movement following the earnings announcement.
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