Freshpet, Inc. (FRPT) announced on Monday a third-quarter net income of $11.89 million, which translates to $0.24 per share. This marks a significant turnaround from the net loss of $7.17 million, or $0.15 per share, reported in the same period last year. The pet food company has also enhanced its full-year sales projections, surpassing Wall Street's expectations.
The company's net sales for the quarter climbed by 26.3%, reaching $253.37 million, compared to $200.62 million in the corresponding period the previous year.
A consensus of 10 analysts had forecasted the company's earnings to be $0.11 per share, with anticipated revenues of $248.21 million for the quarter. Notably, analysts' estimates typically do not account for special items.
Looking ahead to fiscal 2024, Freshpet now anticipates sales will reach approximately $975 million, an increase from its earlier forecast of $965 million. The consensus estimate among analysts is currently $969.47 million.
