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Jun 30, 2024
Freshpet Q2 2024 Earnings Report
Freshpet's profitability significantly improved, driven by disciplined growth and category-leading net sales.
Key Takeaways
Freshpet reported a strong second quarter with a 28.3% increase in net sales, driven entirely by volume growth. The company significantly improved profitability, with gross margin increasing to 39.9% and adjusted EBITDA reaching $35.1 million. Freshpet raised its full-year net sales and adjusted EBITDA guidance, reflecting confidence in its ability to execute in the second half of the year.
Net sales increased by 28.3% to $235.3 million, driven entirely by volume gains.
Net loss decreased to $1.7 million, compared to a net loss of $17.0 million in the prior year period.
Gross margin improved to 39.9%, compared to 32.3% in the prior year period.
Adjusted EBITDA increased significantly to $35.1 million, compared to $9.0 million in the prior year period.
Freshpet
Freshpet
Forward Guidance
For full year 2024, the Company is updating its guidance and now expects the following: •Net sales of at least $965 million, an increase of at least 26% from 2023, compared to at least $950 million in the previous guidance; •Adjusted EBITDA of at least $140 million, compared to at least $120 million in the previous guidance; and •Capital expenditures of ~$200 million, compared to ~$210 million in the previous guidance.
Positive Outlook
- Net sales of at least $965 million, an increase of at least 26% from 2023, compared to at least $950 million in the previous guidance
- Adjusted EBITDA of at least $140 million, compared to at least $120 million in the previous guidance
- Capital expenditures of ~$200 million, compared to ~$210 million in the previous guidance