Freshpet's stock rises 13% as pet-food maker swings to larger-than-expected profit
By Steve Gelsi
Pet food company's sales rise as it boosts media spending
Freshpet Inc.'s stock was up by 13% in premarket trading on Monday after the pet-food company's fourth-quarter revenue and profit topped analyst estimates.
Freshpet (FRPT) said it earned $15.66 million, or 31 cents a share in the fourth quarter. In the year-ago period, Freshpet lost $2.59 million, or 6 cents a share.
Analysts estimated Freshpet would earn 7 cents a share in the latest quarter, according to FactSet data.
Freshpet cited higher sales, increased gross margin, and reduced logistics costs as a percentage of net sales for its higher profit. These factors were partially offset by increased media spending of $10.4 million and selling, general and administrative expenses.
Freshpet's sales climbed to $215.4 million from $165.8 million, ahead of the FactSet consensus estimate of $204.6 million.
Looking ahead, Freshpet expects 2024 sales of about $950 million, ahead of the analyst estimate of $945.5 million.
Freshpet's stock was up by $12 to $104.01, the first time it's traded above $100 in about two years.
-Steve Gelsi
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
02-26-24 0713ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks