Freshpet, Inc. has reported a strong rise in third-quarter sales and a reduced loss, saying 2023 is “shaping up” to be the kind of year it had hoped for.
Its shares rose 28% to $74.80 in Monday premarket trading.
The Nasdaq-listed company, which sells fresh dog and cat food, reported a 33% rise in net sales to $201 million for the quarter ended September 30, 2023.
Its net loss per share narrowed to $0.15 from $0.39 a year earlier, beating analysts’ consensus estimate for a $0.20 loss, according to Zacks Investment Research.
CEO Billy Cyr commented in a statement that the strong top-line and bottom-line growth puts Freshpet ahead of the pace needed to deliver on its 2027 goals.
“As a result of our strong third quarter performance, we are raising our 2023 guidance today," Cyr said.
“Our strengthened organization is delivering improved margins from better operational performance in logistics, input costs and quality while maintaining strong volume-based revenue growth. This performance underpins our confidence in delivering our long-term Fresh Future goals.”
The company now expects full-year net sales to be roughly 27% higher at around $755 million, up from its previous guidance of about $750 million.
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