Business
Freshpet, Inc. Reports Second Quarter 2020 Financial Results
Company Raises Full Year 2020 Outlook SECAUCUS, N.J., Aug. 03, 2020 (GLOBE NEWSWIRE) -- Freshpet, Inc. (“Freshpet” or the “Company”) (NASDAQ: FRPT) today
About this update from Freshpet, Inc.
[{"type":"text","content":"Company Raises Full Year 2020 Outlook\nSECAUCUS, N.J., Aug. 03, 2020 (GLOBE NEWSWIRE) -- Freshpet, Inc. (“Freshpet” or the “Company”) (NASDAQ: FRPT) today reported financial results for its second quarter and six months ended June 30, 2020.\n Second Quarter 2020 Financial Highlights Compared to Prior Year Period Net sales of $80.0 million, an increase of 33.2%Net Income of $0.2 million, compared with prior year net loss of $5.7 millionAdjusted EBITDA of $11.2 million, compared to $1.2 million, an increase of 833.3% 1 “When the COVID crisis struck in March, our team quickly pivoted to address the changing environment and that enabled us to deliver very robust results – with the second quarter reflecting our strongest sales growth in years and we converted that growth into a sharp improvement in our bottom line,” commented Billy Cyr, Freshpet’s Chief Executive Officer. “By focusing our efforts on the safety and wellbeing of our team members, we have been able to rebuild supply, replenish stores and convert more families to Freshpet at a time when our pets mean so much to us. As a result, we are raising our guidance for the year and are well on our way towards fulfilling our mission to change the way people feed their pets forever. We are incredibly grateful to our employees and those of our customers, suppliers and partners for their dedicated efforts in making this possible.” Second Quarter 2020 Second quarter of 2020 net sales increased 33.2% to $80.0 million compared to $60.1 million for the second quarter of 2019. Net sales for the second quarter of 2020 were driven by velocity, innovation, and distribution gains. Gross profit was $33.9 million, or 42.4% as a percentage of net sales, for the second quarter of 2020, compared to $27.3 million, or 45.5% as a percentage of net sales, in the same period last year. For the second quarter 2020, Adjusted Gross Profit was $39.2 million, or 49.1% as a percentage of net sales, compared to $29.1 million, or 48.5% as a percentage of net sales, in the prior year period. The increase in Adjusted Gross Profit as a percentage of net sales was primarily due to higher sales price realization and a shift in sales mix, partially offset by increased processing cost. Adjusted Gross Profit is a Non-GAAP financial measure defined under “Non-GAAP Measures,” and is reconciled to Gross Profit in the fina...