Freshpet Analysts Boost Their Forecasts Following Strong Q2 Results

Author: Avi Kapoor | August 06, 2024 12:08pm

Freshpet, Inc. (NASDAQ:FRPT) reported better-than-expected second-quarter earnings results on Monday.

Freshpet reported second-quarter earnings per share of $0.03 loss, beating the analyst consensus of $0.08 loss. Quarterly sales of $235.253 million beat the street view of $231.053 million. Volume gains of 28.3% entirely drove the increase in net sales.

"The momentum we have today gives us even greater confidence in our ability to achieve our 2027 targets, a number of which we have already exceeded," commented Billy Cyr, Freshpet's Chief Executive Officer. "We are raising our net sales and Adjusted EBITDA guidance for the year to reflect our outperformance in the first half, as well as our conviction in our ability to execute in the second half of the year."

For the full year 2024, the company is updating its guidance to expect net sales of at least $965 million (estimate: $960.58 million), a 26% increase from 2023, up from the previous estimate of at least $950 million.

Freshpet shares gained 5.2% to trade at $127.77 on Tuesday.

These analysts made changes to their price targets on Freshpet following earnings announcement.

• Baird analyst Peter Benedict maintained Freshpet with an Outperform and raised the price target from $135 to $140.

Click below to see Benedict’s other recent ratings.

• JP Morgan analyst Ken Goldman maintained Freshpet with a Neutral and boosted the price target from $113 to $126.

Click below to see Goldman’s other recent ratings.

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Posted In: FRPT