BEDMINSTER, N.J. - Freshpet Inc . (NASDAQ:FRPT) shares gained 3% in premarket trading Monday after the pet food company reported better-than-expected second quarter results and raised its full-year outlook.
The company posted a narrower Q2 loss of $0.03 per share, beating analyst estimates for a $0.04 per share loss. Revenue jumped 28.3% YoY to $235.3 million, surpassing the $230.94 million consensus forecast.
Freshpet's strong top-line growth was driven entirely by volume gains of 28.3% compared to the prior year period. Gross margin expanded significantly to 39.9% from 32.3% a year ago, benefiting from lower input costs and improved plant efficiency.
"Freshpet is delivering disciplined growth. That has enabled us to significantly improve profitability while continuing to deliver category-leading net sales growth," said CEO Billy Cyr.
Looking ahead, the company raised its full-year 2024 guidance, now expecting revenue of at least $965 million, up from its previous outlook of at least $950 million and above the $960.8 million analyst consensus.
Freshpet also boosted its 2024 adjusted EBITDA forecast to at least $140 million, compared to at least $120 million previously.
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