Freshpet, Inc. FRPT shares rose in the premarket session after the company reported second-quarter earnings per share of $0.03 loss, beating the analyst consensus of $0.08 loss.
Quarterly sales of $235.253 million beat the street view of $231.053 million. Volume gains of 28.3% entirely drove the increase in net sales.
For the second quarter, adjusted gross profit was $108.0 million, or 45.9% as a percentage of net sales, compared to $73.0 million, or 39.8% as a percentage of net sales, for the prior year period.
As of June 30, the company had cash and cash equivalents of $251.7 million, with $394.1 million of debt outstanding net of $8.4 million of unamortized debt issuance costs.
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“The momentum we have today gives us even greater confidence in our ability to achieve our 2027 targets, a number of which we have already exceeded,” commented Billy Cyr, Freshpet’s Chief Executive Officer. “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.”
Outlook: For the full year 2024, the company is updating its guidance to expect net sales of at least $965 million (estimate: $960.58 million), a 26% increase from 2023, up from the previous estimate of at least $950 million.
Adjusted EBITDA is projected to be at least $140 million, an increase from the earlier guidance of $120 million.
Capital expenditures are now anticipated to be around $200 million, revised down from the previous estimate of $210 million.
Price Action: FRPT shares are trading higher by 6.47% to $130.00 premarket at last check Monday.
Photo via Pixabay
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