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Freshpet swings to profit in Q3

Freshpet Inc. said its normalized net income for the third quarter came to 1 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 2 cents per share.

The per-share result swung to a profit from the prior-year loss of 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $397,330, compared with a loss of $1.0 million in the prior-year period.

The normalized profit margin rose to 0.7% from negative 3.4% in the year-earlier period.

Total revenue grew 13.0% on an annual basis to $34.5 million from $30.6 million, and total operating expenses grew from the prior-year period to $33.7 million from $32.6 million.

Reported net income totaled $683,420, or 2 cents per share, compared to a loss of $1.7 million, or a loss of 5 cents per share, in the year-earlier period.