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Sep 30, 2023
Freshpet Q3 2023 Earnings Report
Freshpet reported strong top-line and bottom-line growth, exceeding the pace needed to deliver its 2027 goals.
Key Takeaways
Freshpet reported a 32.6% increase in net sales to $200.6 million for the third quarter of 2023. The company's net loss decreased to $7.2 million, and Adjusted EBITDA increased significantly to $23.2 million. As a result of the strong third quarter performance, the company is raising its 2023 guidance.
Net sales increased by 32.6% to $200.6 million.
Net loss decreased from $18.4 million to $7.2 million.
Adjusted EBITDA increased to $23.2 million from $3.5 million.
Gross profit was $66.3 million, or 33.0% of net sales, compared to $44.5 million, or 29.4% of net sales in the prior year period.
Freshpet
Freshpet
Forward Guidance
For full year 2023, the Company updates its full year Adjusted EBITDA and Net Sales guidance and reiterates its capital expenditure guidance as follows:
Positive Outlook
- Net sales of ~$755 million, an increase of ~27% from 2022, from previous guidance of ~$750 million.
- Adjusted EBITDA of ~$62 million, from previous guidance of at least $55 million.
- Capital expenditures of ~$240 million, unchanged from previous guidance.