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Sep 30, 2022
Freshpet Q3 2022 Earnings Report
Freshpet reported strong topline growth and advanced its operational improvement plan to drive margin expansion. The company reduced its 2022/2023 capital spending guidance and reiterated its full-year underlying guidance.
Key Takeaways
Freshpet reported a 40.7% increase in net sales to $151.3 million for the third quarter of 2022. However, the company experienced a net loss of $18.4 million, compared to a net loss of $2.1 million in the prior year. Adjusted EBITDA was $3.5 million, down from $13.5 million in the prior year.
Net sales increased by 40.7% to $151.3 million.
Net loss was $18.4 million, compared to a net loss of $2.1 million in the prior year.
Adjusted EBITDA was $3.5 million, compared to $13.5 million in the prior year.
The company is executing a plan to address cost challenges and improve margins.
Forward Guidance
For full year 2022, the Company reiterates its full year underlying guidance on Net Sales and Adjusted EBITDA.
Positive Outlook
- Net sales of >$575 million, an increase of ~35% from 2021
- Adjusted EBITDA of >$15 million, which is changed from prior guidance only in that it does not add back approximately $29.0 million in plant start-up and $4.0 million of launch expenses for the full year that were added back under the former methodology of calculating Adjusted EBITDA; other than the altered calculation, there is no change in the underlying projected Adjusted EBITDA.
- Capital expenditures for 2022 is now anticipated to be approximately $290 million, reflecting a reduction of $30 million from prior forecast.
- The Company has also refined its 2023 capital expenditure outlook, which is now anticipated to be approximately $230 million, reflecting a reduction of approximately $70 million from prior forecast.
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