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Sep 30, 2024
Freshpet Q3 2024 Earnings Report
Freshpet reported strong financial results for Q3 2024, marked by significant growth in net sales and profitability.
Key Takeaways
Freshpet's Q3 2024 results showcased a 26.3% increase in net sales, reaching $253.4 million, alongside a net income of $11.9 million, a notable improvement from the previous year's net loss. The company's strong operating performance led to margin expansion and increased cash generation, prompting an upward revision of its 2024 net sales and Adjusted EBITDA guidance.
Net sales increased by 26.3% to $253.4 million.
Net income was $11.9 million, a significant turnaround from the prior year's $7.2 million net loss.
Gross margin improved to 40.4%, compared to 33.0% in the prior year period.
Adjusted EBITDA reached $43.5 million, up from $23.2 million in the previous year.
Freshpet
Freshpet
Forward Guidance
Freshpet updated its full year 2024 guidance, expecting net sales of approximately $975 million, an increase of about 27% from 2023, and Adjusted EBITDA of at least $155 million. Capital expenditures are projected to be around $180 million.
Positive Outlook
- Net sales of ~$975 million, an increase of ~27% from 2023, compared to at least $965 million in the previous guidance
- Adjusted EBITDA of at least $155 million, compared to at least $140 million in the previous guidance
- Capital expenditures of ~$180 million, compared to ~$200 million in the previous guidance