Why Pet Food Company Freshpet's Shares Are Jumping Today
Portfolio Pulse from Shivani Kumaresan
Freshpet Inc (NASDAQ:FRPT) reported Q3 FY23 sales growth of 32.6% YoY to $200.60 million, beating the analyst consensus estimate. Gross profit increased 48.9% YoY to $66.3 million, with the margin expanding from 29.4% to 33%. The company raised its FY23 sales outlook from ~$750 million to ~$755 million and adjusted EBITDA guidance from at least $55 million to ~$62 million. FRPT shares traded higher by 11.50% premarket Monday.
November 06, 2023 | 1:39 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Freshpet's Q3 FY23 results beat estimates, with significant YoY growth in sales and gross profit. The company also raised its FY23 sales and EBITDA outlook. This positive news led to a premarket increase in FRPT shares by 11.5%.
Freshpet's strong Q3 FY23 results and raised FY23 outlook indicate a positive financial performance, which is likely to boost investor confidence and drive up the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100