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<p class="has-drop-cap">Freshpet, Inc. (NASDAQ: FRPT) has recently disclosed its financial outcomes for the <a href="https://investors.freshpet.com/investors/investor-news/press-release-details/2024/Freshpet-Inc.-Reports-First-Quarter-2024-Financial-Results/default.aspx" target="_blank" aria-label="first quarter of 2024 (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">first quarter of 2024</a>, showcasing a significant leap in performance metrics. The company, known for its commitment to providing fresh, real food for pets, reported a robust net sales increase of 33.6% to $223.8 million, up from $167.5 million in the comparable period last year.</p>
<p>This growth was primarily fueled by a 30.6% uptick in volume gains. Moreover, Freshpet witnessed a substantial improvement in profitability, with net income flipping from a loss of $24.8 million in the prior year period to a gain of $18.6 million. <br><br>The gross margin also significantly rose, reaching 39.4% from 30.3% in the prior year. This increase can be attributed to improved leverage on plant expenses, reduced quality costs, and lower input costs as a percentage of sales.</p>
<h3 id="freshpet-surprises-with-q1-results-reports-0-37-eps-against-expected-0-23">FreshPet Surprises with Q1 Results, Reports $0.37 EPS Against Expected -$0.23</h3>
<p>The adjusted EBITDA further highlighted the company’s operational efficiency, which soared to $30.6 million from just $3.0 million in the year-ago period. This remarkable improvement was due to increased adjusted gross profit despite increased SG&amp;A expenses. <br><br>Freshpet’s CEO, Billy Cyr, expressed optimism about the company’s trajectory, emphasizing the strength of the business model and the operational improvements driving margin expansion. The company focuses on delivering consistently strong performance to create significant shareholder value while fulfilling its mission to nourish pets, people, and the planet.</p>
<p>When comparing Freshpet’s recent performance against market expectations, it’s clear that the company has outpaced predictions. Analysts had anticipated an <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">EPS</a> of -$0.23 and revenue of $216.17 million for the quarter. Instead, Freshpet shattered these forecasts by posting a substantial net income of $0.37 per share and surpassing revenue expectations with $223.8 million.</p>
<p>This outperformance is a testament to the company’s resilient business model and its ability to generate volume-based growth amidst challenging market conditions. The improved gross margin and adjusted EBITDA underscore the company’s success in leveraging operational efficiencies and reducing costs.</p>
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<h3 id="freshpet-updates-guidance-for-2024-expects-net-sales-of-950-million">FreshPet Updates Guidance for 2024, Expects Net Sales of $950 Million</h3>
<p>Looking ahead, Freshpet has updated its guidance for 2024, reflecting the company’s confidence in its growth trajectory and operational efficiencies. <br><br>The company now expects net sales of at least $950 million, marking an increase of at least 24% from 2023, which remains unchanged from previous guidance. However, the adjusted EBITDA forecast has been raised to at least $120 million, up from the prior range of $100 to $110 million, indicating a more optimistic outlook on profitability. <br><br>Capital expenditures are anticipated to be around $210 million, consistent with prior forecasts. Freshpet’s revised guidance underscores its expectation for continued strong sales growth and operational improvements throughout the year.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/freshpet-reports-0-37-eps-and-223-8-m-in-q1-revenue-beating-expectations/">FreshPet Reports $0.37 EPS and $223.8 M in Q1 Revenue, Beating Expectations</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

FreshPet Reports $0.37 EPS and $223.8 M in Q1 Revenue, Beating Expectations

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