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Jun 30, 2023
Freshpet Q2 2023 Earnings Report
Delivered strong volume and net sales growth, and significant improvements in operating performance.
Key Takeaways
Freshpet reported a 25.6% increase in net sales to $183.3 million for Q2 2023, driven by volume gains and higher pricing. The company's adjusted EBITDA improved to $9.0 million from $(1.9) million in the prior year period. They are raising Adjusted EBITDA guidance and reaffirming net sales guidance.
Net sales increased by 25.6% to $183.3 million.
Net loss decreased to $17.0 million, compared to a net loss of $20.6 million in the prior year.
Adjusted EBITDA was $9.0 million, a significant improvement from the prior year's $(1.9) million.
Gross profit was $59.2 million, or 32.3% as a percentage of net sales.
Freshpet
Freshpet
Forward Guidance
For full year 2023, the Company updates its full year Adjusted EBITDA guidance and reiterates its Net Sales and capital expenditure guidance as follows: ● Net sales of ~$750 million, an increase of ~26% from 2022, unchanged from previous guidance. ● Adjusted EBITDA of at least $55 million, from previous guidance of at least $50 million. ● Capital expenditures for 2023 of ~$240 million, unchanged from previous guidance.
Positive Outlook
- Net sales of ~$750 million, an increase of ~26% from 2022, unchanged from previous guidance.
- Adjusted EBITDA of at least $55 million, from previous guidance of at least $50 million.
- Capital expenditures for 2023 of ~$240 million, unchanged from previous guidance.