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- Freshpet Inc (NASDAQ:FRPT) reported first-quarter FY23 sales growth of 26.7% year-on-year to $167.52 million, beating the consensus of $166.90 million.
- Net sales for the first quarter of 2023 were driven by both velocity gains, and pricing.
- Gross profit increased 13.4% Y/Y to $50.8 million, with the margin contracting from 33.9% to 30.3%. The decrease in gross margin was primarily due to increased depreciation expense from the expansion in capacity, increased share-based compensation, and unabsorbed plant cost from the Ennis Kitchen.
- Selling, general and administrative expenses rose 19.3% to $72.3 million. The operating loss for the quarter widened to $(21.5) million from $(15.8) million last year.
- Adjusted EBITDA was $3 million, compared to a loss of $(0.3) million last year.
- EPS loss of $(0.52) missed the analyst consensus of $(0.44).
- The company held $386.5 million in cash and equivalents as of March 31, 2023.
- "With our strengthened organization and the Ennis Kitchen on-line, we believe we can continue to improve on that performance and deliver the significant value creation that one would expect from a high-growth brand like Freshpet," commented CEO Billy Cyr.
- Outlook, reiterated: Freshpet sees FY23 sales of about $750 million (consensus $752.3 million), representing an increase of ~26% from 2022.
- The company expects FY23 adjusted EBITDA of at least $50 million. It sees capital expenditures of about $240 million.
- Price Action: FRPT shares traded lower by 5.46% at $65.74 premarket Monday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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