Freshpet Soars On Improved Quarterly Results, Increased Sales Outlook

(RTTNews) - Shares of pet food company Freshpet, Inc. (FRPT) are surging more than 18% Monday morning after reporting improved third-quarter results. The company also raised its full-year sales outlook.

Net loss in the third quarter narrowed to $7.17 million $0.15 per share from $18.45 million or $0.39 per share loss for the prior year period, driven by increased sales due to both volume gains, and higher pricing. Analysts on average polled by Thomson-Reuters expected the company to report loss of $0.18 per share. Sales for the quarter increased 32.6% to $200.62 million from $151.33 million last year. The consensus estimate was for $194.2 million.

For the full year, the company now expects sales to be about $755 million, up from the previous outlook of nearly $750 million. Analysts expect the company to report sales of $750.62 million.

FRPT is at $68.84. It has traded in the range of $45.13 - $84.70 in the last 1 year.