PetIQ, Inc. (PETQ) Misses Q2 EPS by 59c

PetIQ, Inc. (NASDAQ: PETQ) reported Q2 EPS of $0.14, $0.59 worse than the analyst estimate of $0.73. Revenue for the quarter came in at $271 million versus the consensus estimate of $304.72 million.

Cord Christensen, PetIQ’s Chairman & CEO commented, “We are pleased with our ability to report record second quarter results that demonstrate the benefit from our evolving sales mix towards higher margin products. It was our highest net sales quarter, the best gross profit dollar and gross margin quarter as well as our highest adjusted EBITDA quarter in the history of the company. We accomplished this even as we continue to operate in a unique environment where we are still experiencing impacts from COVID-19.”

Christensen continued, “We lapped the strong Products segment benefit from the second quarter last year when pet parents purchased more of their pet prescription drug products via our e-commerce partners due to stay at home orders and in the Services segment, we cycled the closure of all of our veterinarian wellness centers and mobile clinics. Looking at the first half of the year to account for some of the items impacting comparability, our net sales increased 15.8%. For the second half of 2021, we expect continued strong performance in the Products segment and continued sequential improvement in the Services segment. Going forward our team will continue to execute on our strategic growth objectives, and we believe PetIQ’s mission of delivering smarter options for pet parents to help enrich their pets’ lives through convenient and affordable access to veterinarian products and services has never been stronger and more needed.”

For earnings history and earnings-related data on PetIQ, Inc. (PETQ) click here.

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