Freshpet, Inc. reported robust financial results for the third quarter ended September 30, 2024, marking its 25th consecutive quarter of over 25% year-over-year net sales growth. Net sales increased by 26.3% to $253.4 million, primarily driven by a 26.1% increase in volume gains.
The company achieved a net income of $11.9 million for the quarter, a significant improvement from a net loss of $7.2 million in the prior year period. Gross profit expanded to $102.2 million, or 40.4% of net sales, up from 33.0% in the prior year, attributed to lower input costs and reduced quality costs. Adjusted EBITDA also saw a substantial increase, reaching $43.5 million compared to $23.2 million in the prior year.
Based on this strong performance, Freshpet raised its full-year 2024 guidance, now expecting net sales of approximately $975 million and Adjusted EBITDA of at least $155 million, up from previous forecasts. The company also reduced its capital expenditure estimate to approximately $180 million, indicating improved capital efficiency.
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