Freshpet, Inc. Provides Business Update

By Benzinga4 days ago

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SECAUCUS, N.J., Jan. 13, 2021 (GLOBE NEWSWIRE) -- Freshpet, Inc. (“Freshpet“ or the “Company“) (NASDAQ:FRPT) today announced preliminary fourth quarter net sales and updated adjusted EBITDA guidance in conjunction with the Company's presentation at the ICR Conference. The presentation is available on the Company's investor relations website.

Preliminary fourth quarter 2020 net sales are expected to be $84.5 million, representing growth of 29% compared to the prior year period. The Company also updated its guidance for adjusted EBITDA, which is expected to approximate $12 million for the fourth quarter. For the full year 2020, the Company expects net sales of approximately $318.8 million and adjusted EBITDA of approximately $46 million.

“We continued to experience strong demand in the fourth quarter, but supply constraints limited our sales opportunity. We are pleased with our preliminary fourth quarter results in light of the challenges we faced in the back half of the quarter due to COVID-related labor disruption and severe weather impacts to our distribution network,“ commented Billy Cyr, Freshpet's Chief Executive Officer. “We are extremely excited about the traction we are seeing with new and existing pet parents. The underlying buy rate we are realizing in the business is stronger than anticipated and has grown each of the past five years as our household penetration has grown at a rate in excess of 20% over the past two years. As a result, we are considering incremental investments in capacity expansion to ensure we meet the growing demand from families that are seeking a better-for-you alternative to feeding their pets.“

About Freshpet

Freshpet's mission is to improve the lives of dogs and cats through the power of fresh, real food. Freshpet foods are blends of fresh meats, vegetables and fruits farmed locally and made at our Kitchens in Bethlehem PA. We thoughtfully prepare our foods using natural ingredients, cooking them in small batches at lower temperatures to preserve the natural goodness of the ingredients. Freshpet foods and treats are ...

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