Freshpet Cuts Its Losses and Raises Guidance on Strong Pet Food Demand

Freshpet (FRPT) narrowed its second-quarter nonaccomplishment and raised its guidance arsenic much pet owners are buying its specialty canine and feline food.

The institution reported a quarterly nonaccomplishment of $0.03 per share, down from $0.35 a twelvemonth agone and successful statement pinch statement estimates of analysts polled by Visible Alpha. Adjusted earnings earlier interest, taxes, depreciation, and amortization (EBITDA) came successful astatine $35.1 million, amended than expected. Sales roseate 28.3% year-over-year to $235.3 million, besides beating forecasts, wholly driven by measurement gains of 28.3%.

Freshpet Raises FY Adjusted EBITDA, Sales Outlook

The institution raised its full-year outlook for adjusted EBITDA to astatine slightest $140 cardinal from nan erstwhile guidance of astatine slightest $120 million. It sees income of astatine slightest $965 million, compared pinch nan earlier prediction of astatine slightest $950 million.

"We are raising our nett income and Adjusted EBITDA guidance for nan twelvemonth to bespeak our outperformance successful nan first half, arsenic good arsenic our condemnation successful our expertise to execute successful nan 2nd half of nan year," Chief Executive Officer (CEO) Billy Cyr said.

The affirmative news wasn’t capable for Freshpet shares to flooded Monday's marketplace rout, arsenic shares slipped 1.3% to $120.50 arsenic of 10:50 a.m. ET. Still, they are up astir 40% for nan year.