Shares of Freshpet (NASDAQ:FRPT) have jumped today, up by 4% as of 12:15 p.m. EDT, after the company reported second-quarter earnings. The special pet food maker beat expectations and raised its guidance for full-year results.
Revenue in the second quarter increased 33% to $80 million, which led to net income of $200,000, or breakeven per share. Consensus estimates called for $77.1 million in sales and a net loss of $0.06 per share. The consumer staples company, which makes various pet food and treats, said growth was driven in part by expanded distribution.
"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," CEO Billy Cyr said in a statement. "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."
Freshpet boosted its outlook for 2020 and now expects more than $320 million in revenue, up from its prior forecast for sales to exceed $310 million. Wall Street is currently modeling for $312 million in sales this year. On top of that, adjusted EBITDA for the year should now be greater than $46 million, up from the prior guidance of exceeding $44 million.