Freshpet (FRPT) Misses Q1 EPS by 23c, Slight Miss on Revenues; Offers FY21 Revenues Below Consensus

Freshpet (NASDAQ: FRPT) reported Q1 EPS of ($0.26), $0.23 worse than the analyst estimate of ($0.03). Revenue for the quarter came in at $93.4 million versus the consensus estimate of $93.97 million.

First Quarter 2021 Financial Highlights Compared to Prior Year Period

• Net sales of $93.4 million, an increase of 33.3%
• Net loss of $10.9 million, compared with prior year net loss of $3.6 million
• Adjusted EBITDA of $7.8 million, compared to $5.7 million, an increase of 35.3%1

"While it can be challenging to keep up with Freshpet's rapid growth, our team rose to the occasion and delivered a very strong performance in the first quarter. We achieved our strongest net sales growth rate in more than 5 years at 33%, we grew Adjusted EBITDA at a rate that slightly outpaced net sales growth, and we surpassed 4 million Freshpet households for the first time," commented Billy Cyr, Freshpet's Chief Executive Officer. "With rapidly improving retail conditions and increased capacity in place to support strong growth, we are in position to deliver our 2021 guidance and remain bullish on our 2025 'Feed the Growth' goals of 11 million households, $1.25 billion in net sales and a 25% adjusted EBITDA margin. We are changing the way people nourish their pets forever."

GUIDANCE:

Freshpet sees FY2021 revenue of $430 million, versus the consensus of $432.2 million.

For full year 2021, the Company reiterated its guidance. The Company continues to expect the following results:

• To exceed net sales of $430.0 million, an increase greater than 35% from 2020.
• To exceed Adjusted EBITDA of $61.0 million, an increase greater than 30% from 2020.

For earnings history and earnings-related data on Freshpet (FRPT) click here.

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