Billy

2024

Better

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<p class="has-drop-cap">In the <a href="https://www.globenewswire.com/news-release/2024/11/04/2973843/0/en/Freshpet-Inc-Reports-Third-Quarter-2024-Financial-Results.html" target="_blank" aria-label="third quarter of 2024 (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">third quarter of 2024</a>, Freshpet, Inc. (NASDAQ: FRPT) showcased robust financial performance, marking its 25th consecutive quarter of more than 25% year-on-year net sales growth. The company reported net sales of $253.4 million, reflecting a significant 26.3% increase from the same period last year.</p>
<p>This growth was primarily driven by a 26.1% rise in volume gains. Freshpet also experienced a substantial improvement in its gross margin, which increased to 40.4% compared to 33.0% in the previous year. The adjusted gross margin further highlighted this progress, reaching 46.5%, up from 40.2% in the prior year period.</p>
<p>The company’s operating performance was notable, with net income reaching $11.9 million, a significant turnaround from the net loss of $7.2 million reported in the same quarter of the previous year. This increase in net income was attributed to higher sales, improved gross margin, and reduced logistics costs as a percentage of net sales.</p>
<p>Additionally, Freshpet’s adjusted EBITDA more than doubled, reaching $43.5 million compared to $23.2 million in the previous year. This growth was driven by increased adjusted gross profit, partially offset by higher adjusted SG&amp;A expenses.</p>
<p>Freshpet’s CEO, Billy Cyr, expressed confidence in the company’s ability to meet or exceed its 2027 goals, citing the strong financial results as a testament to their strategic execution. The company’s focus on delivering consistent net sales and profitability growth has positioned it well for future success.</p>
<h3 id="freshpet-reports-better-than-expected-numbers-for-third-quarter-2024">Freshpet Reports Better than Expected Numbers for Third Quarter 2024</h3>
<p>Freshpet’s third-quarter performance surpassed market expectations, with the company delivering an <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">earnings per share (EPS)</a> of $0.25, significantly exceeding the anticipated EPS of $0.148. <br><br>This impressive result underscores Freshpet’s ability to generate higher-than-expected profitability despite the challenging economic environment. The company’s revenue also exceeded expectations, reaching $253.4 million compared to the forecasted $248.21 million, reflecting strong demand for its products.</p>
<p>The company’s ability to outperform expectations can be attributed to its strategic focus on operational efficiencies and cost management. Freshpet’s gross margin improvement was primarily driven by lower input costs and reduced quality costs, which contributed to the overall profitability. The company’s efforts to streamline logistics and manage SG&amp;A expenses also played a crucial role in achieving these results.</p>
<p>Freshpet’s success in exceeding expectations highlights its resilience and adaptability in a competitive market. The company’s commitment to delivering fresh, real food for pets, combined with its operational excellence, has enabled it to maintain a strong market position and deliver value to shareholders.</p>
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<h3 id="freshpet-raises-guidance-for-full-year-2024">Freshpet Raises Guidance for Full Year 2024</h3>
<p>Freshpet has raised its guidance for the full year 2024, reflecting its confidence in sustaining its strong performance. The company now expects net sales of approximately $975 million, representing a 27% increase from 2023, compared to the previous guidance of at least $965 million. Additionally, Freshpet anticipates adjusted EBITDA of at least $155 million, up from the prior guidance of at least $140 million.</p>
<p>The company’s revised guidance is supported by its strategic initiatives aimed at driving growth and enhancing operational efficiencies. Freshpet plans to invest approximately $180 million in capital expenditures, a reduction from the previous guidance of $200 million, to support its long-term capacity plan. This investment will enable the company to expand its production capabilities and meet the growing demand for its products.</p>
<p>Freshpet’s leadership team remains optimistic about the company’s future prospects, emphasizing its commitment to creating meaningful shareholder value through its mission of serving pets, people, and the planet.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<h3 id="br"><br></h3>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/freshpet-frpt-beats-expectations-with-253-4m-in-net-sales-for-q3-2024/">Freshpet (FRPT) Beats Expectations with $253.4M in Net Sales for Q3 2024</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Freshpet (FRPT) Beats Expectations with $253.4M in Net Sales for Q3 2024

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