Freshpet +24% Reveal Net Sales Increase in Q2 2016 Financial Report

Destiny A. Lopez  |

Freshpet (FRPT), a manufacturer and marketer of refrigerated pet food and treats for dogs and cats, has seen an impressive jump on the market today following the recent release of its Q2 2016 financial results. Up 24.09%, highlights from the report include:

  • Q2 sales totaling $33 million, a 16.4% increase compared to Q2 2015 data.
  • Adjusted EBITDA totaling $3.5 million, a 24.2% increase compared to Q2 2015 data.
  • Q2 saw an 10% increase in Freshpet Fridges from 14,354 to 15,795.

“Our team made significant progress across key operational and financial business metrics,” said Scott Morris, Freshpet’s President and Chief Operating Officer. “In the second quarter we generated solid net sales and adjusted EBITDA growth as we continued to benefit from increased velocity per fridge and increased store count. We are also pleased with the progress of our plant expansion program and the improvements in quality, logistics, and purchasing which will drive greater efficiencies and leverage across our business model as we improve profitability.”

Although the company also reported a net loss of $3.2 million for the quarter, the loss was attributed to, according to the company’s official news release, related to costs associated with the CEO’s retirement.

Pets, to many, are considered part of the family. So, New-Jersey based Freshpet believes that our four-legged friends also deserve fresh, balanced meals as part of their daily diet. Freshpet foods and treats are, therefore, made with ingredients that are farmed locally and prepared to ensure high nutrient content in the FreshPet kitchens.

The company also recently made a major change at the highest level of corporate leadership. Just last month, FreshPet named consumer packaged foods veteran William Cyr as its CEO. Previously, Cyr was President and CEO of the widely known juice brand, Sunny Delight, where he oversaw the company’s multinational operations.

“After an extensive search, we are delighted that Billy Cyr will join us as Chief Executive Officer of Freshpet,” said Charlie Norris, Chairman of the Freshpet Board of Directors. “Billy is a highly accomplished consumer packaged goods executive with strong experience in leading brands that have a refrigerated supply chain and we welcome his leadership, brand and innovation expertise as we continue to gain share in existing retailers and expand into new retail partners in North America and abroad. We have every confidence Billy has the right combination of strategic leadership and personnel skills to lead Freshpet into a new phase of growth and build value for our stockholders. In addition, we are grateful to Walt George and Scott Morris for their strong leadership during this time of transition.”

The specialty pet food market continues to prove to be big business. According to Veterinary News, the pet food market, thanks to premium food offerings, is estimated to reach $33 billion by 2018. With their dedication to quality and strategic appointments, Freshpet is positioned to capture a piece of this burgeoning market. The investment community looks forward to further developments from the company.

To learn more about Freshpet, visit www.freshpet.com.


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Companies

Symbol Name Price Change % Volume
FRPT Freshpet Inc. 45.20 0.19 0.42 188,017 Trade

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