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Dec 31, 2023
Freshpet Q4 2023 Earnings Report
Freshpet's net sales increased by 29.9% to $215.4 million, with a net income of $15.3 million.
Key Takeaways
Freshpet reported a strong fourth quarter with a 29.9% increase in net sales, reaching $215.4 million. The company achieved a net income of $15.3 million, a significant improvement from the prior year's net loss of $2.9 million. This performance reflects the success of Freshpet's investments in scale and profitability.
Net sales increased by 29.9% to $215.4 million.
Net income was $15.3 million, compared to a net loss of $2.9 million in the prior year.
Gross profit was $74.6 million, or 34.6% of net sales, compared to $45.7 million, or 27.6% of net sales, in the prior year.
Adjusted EBITDA was $31.3 million, or 14.5% of net sales, compared to $18.8 million, or 11.3% of net sales, in the prior year.
Freshpet
Freshpet
Forward Guidance
For the full year 2024, Freshpet expects net sales of at least $950 million, representing an increase of at least 24% from 2023. Adjusted EBITDA is projected to be in the range of $100 to $110 million, with capital expenditures of approximately $210 million.
Positive Outlook
- Net sales of at least $950 million, an increase of at least 24% from 2023
- Adjusted EBITDA in the range of $100 to $110 million
- Capital expenditures of ~$210 million