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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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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