- 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.
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