Why Pet Food Company Freshpet's Shares Are Jumping Today
Portfolio Pulse from Shivani Kumaresan
Freshpet Inc (NASDAQ:FRPT) shares surged after reporting Q1 FY24 earnings that exceeded expectations, with a 33.6% year-on-year sales growth to $223.85 million, surpassing analyst forecasts. Gross profit rose 73.6% to $88.2 million, and EPS was $0.37, beating the consensus of $(0.24). The company also raised its FY24 adjusted EBITDA guidance and maintained its revenue outlook and capital expenditures forecast.
May 06, 2024 | 12:50 pm
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Freshpet Inc reported impressive Q1 FY24 earnings, with significant sales growth and a positive EPS against expectations, leading to a 14.5% premarket stock price increase.
Freshpet's Q1 FY24 performance exceeded analyst expectations in both sales and EPS, indicating strong operational efficiency and market demand. The significant year-on-year growth in sales and gross profit, along with the raised EBITDA guidance for FY24, signals confidence in continued financial health and operational success. This positive earnings report and optimistic outlook are likely to bolster investor confidence, contributing to the short-term stock price surge.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100