Freshpet shares slide premarket after company issues revenue warning

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Freshpet Inc. FRPT shares,
+0.61%
Premarket trading declined 1.2% on Monday after the company offered guidance for the fourth quarter and full year, which fell short of analyst estimates. Sequoias, NJ-based Freshpet said it expects fourth-quarter sales of $115.9 million, down from the $120.0 million FactSet consensus. For the full year, it expects sales of $425.5 million in total, down from the $429.6 million FactSet consensus. “We are pleased to see that the consumption trend for the four-week period ended January 1, 2022 through December has increased by approximately 29%, which was in line with our expectations and due to limited availability and production issues. Despite this, we demonstrate significant demand for our products that will constrain growth in 2021,” CEO Billy Cyr said in a statement. “Turning the page to 2022, we are in a much better position from a manufacturing standpoint — consistently producing at levels that can support the strong growth we expect.” Shares are down 39.8% over the past 12 months, while the S&P 500 SPX,
-0.41%
has increased by 22%.

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