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Freshpet swings to profit in Q4

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Freshpet swings to profit in Q4

Freshpet Inc. said its fourth-quarter normalized net income amounted to 5 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 3 cents per share.

The per-share result swung to a profit from the prior-year loss of 44 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.7 million, compared with a loss of $10.3 million in the prior-year period.

The normalized profit margin increased to 4.5% from negative 41.9% in the year-earlier period.

Total revenue grew 23.2% on an annual basis to $30.2 million from $24.5 million, and total operating expenses rose 17.4% year over year to $27.7 million from $23.6 million.

Reported net income totaled $2.7 million, or 8 cents per share, compared to a loss of $100.6 million, or a loss of $4.33 per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 7 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 21 cents.

EPS was a loss of $1.71 in the prior year.

Normalized net income was a loss of $2.3 million, compared with a loss of $23.3 million in the prior year.

Full-year total revenue increased 33.9% from the prior-year period to $116.2 million from $86.8 million, and total operating expenses rose 29.1% year over year to $119.8 million from $92.8 million.

The company said reported net income came to a loss of $3.7 million, or a loss of 11 cents per share, in the full year, compared with a loss of $131.3 million, or a loss of $9.63 per share, the prior year.