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Dec 31, 2020
Freshpet Q4 2020 Earnings Report
Reported financial results with net sales increasing and a net loss recorded.
Key Takeaways
Freshpet reported a 28.5% increase in net sales for the fourth quarter of 2020, reaching $84.5 million. However, the company experienced a net loss of $3.3 million, compared to a net income of $4.6 million in the prior year period. The increased loss was attributed to expenses related to COVID-19, plant start-up costs, beef inflation, and media spending.
Net sales increased by 28.5% to $84.5 million compared to the prior year period.
Net loss was $3.3 million, compared to a net income of $4.6 million for the prior year period.
Adjusted EBITDA was $12.9 million, or 15.3% as a percentage of net sales.
The company raised its 2025 household penetration target by 37% to 11 million households.
Forward Guidance
Freshpet provided guidance for full year 2021, expecting to exceed net sales of $430 million, an increase greater than 35.0% from 2020 and exceed Adjusted EBITDA of $61 million, an increase greater than 30% from 2020.
Positive Outlook
- To exceed net sales of $430 million, an increase greater than 35.0% from 2020
- To exceed Adjusted EBITDA of $61 million, an increase greater than 30% from 2020
- Increasing household penetration from 8 million households to 11 million households, an increase of 37%
- Increasing net sales from $1 billion to $1.25 billion, an increase of 25%
- Strengthened liquidity position with amended credit facility
Historical Earnings Impact
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Avg. Return Before/After Earnings
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