Freshpet Rebounds Despite Q4 Earnings, Lack of Revenue By Investing.com

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© Reuters.

By Sam Boughedda

Investir.com — Freshpet Inc (NASDAQ:) released financial results for the fourth quarter and full year on Monday after the close, missing both revenue and earnings per share estimates.

The pet food company’s fourth quarter report showed revenue of $115.87 million, below consensus estimates of $116.63 million. In addition, it posted a loss per share of 21 cents, which is larger than the previous year’s loss of 8 cents per share and below expectations of 13 cents per share.

However, revenue rose 37.1% year over year, marking the fifth consecutive year of accelerating net sales growth for the company. The company said its net sales were driven by velocity, distribution gains and innovation.

Full-year 2021 revenue followed a similar growth pattern, increasing 33.5% to $425.5 million.

“We finally have the capacity to support Freshpet’s significant revenue growth potential, while improving the reliability of our operations,” said Billy Cyr, President and CEO of Freshpet.

“Over the past two years, we have invested in significant new capability and the talent to support it. We plan to use this capacity wisely, budgeting carefully to ensure the reliability of our operations,” added Cyr.

Despite the fourth quarter flounder, Freshpet shares are trading 16% above Monday’s close as investors are buoyed by the company’s expectations for $575 million in revenue. year 2022, above the consensus.

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