SECAUCUS, N.J. - Freshpet, Inc. (NASDAQ:FRPT) reported a significant beat on both earnings and revenue for the fourth quarter, sending its shares soaring by 12.16% in premarket trading. The company posted adjusted earnings per share (EPS) of $0.31, which was $0.23 higher than the analyst consensus of $0.08. Revenue for the quarter reached $215.4 million, exceeding the consensus estimate of $204.33 million and marking a robust 29.9% increase from the $165.8 million reported in the same quarter of the previous year.
The company's CEO, Billy Cyr, attributed the strong performance to Freshpet's strategic investments, which have led to improved profitability and significant operating cash flow. Cyr expressed confidence in the company's continued growth and profitability, highlighting Freshpet's position to capitalize on the trend towards fresh pet food.
Looking ahead, Freshpet provided a positive full-year 2024 outlook, projecting net sales of at least $950 million, which would represent a growth of at least 24% from 2023. This forecast surpasses the analyst consensus of $946.1 million. The company also anticipates adjusted EBITDA to be in the range of $100 to $110 million. The midpoint of this guidance, $105 million, is above the consensus estimate, which was not provided. Planned capital expenditures are expected to be around $210 million.
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