Freshpet, Inc. reported significant financial improvements in its third quarter and year-to-date results for 2024, as detailed in its 10-Q filing. For the three months ended September 30, 2024, net sales reached $253.4 million, a 26.3% increase from $200.6 million in the same period of 2023. Year-to-date, net sales totaled $712.5 million, up 29.2% from $551.5 million in the prior year. The growth was driven by increased sales velocity from Freshpet Fridges and enhanced marketing efforts across various retail channels, including Grocery, Mass, International, Digital, Pet Specialty, and Club.
Gross profit for the third quarter was $102.2 million, representing 40.4% of net sales, compared to $66.3 million (33.0% of net sales) in the prior year. For the nine months ended September 30, 2024, gross profit was $284.4 million (39.9% of net sales), up from $176.3 million (32.0% of net sales) in 2023. The company reported income from operations of $11.9 million for the third quarter, a turnaround from a loss of $7.1 million in the same quarter of 2023. Year-to-date, income from operations was $18.6 million, compared to a loss of $45.3 million in the prior year.
Net income for the third quarter was $11.9 million, compared to a loss of $7.2 million in the same period last year. For the nine months ended September 30, 2024, net income was $28.8 million, a substantial increase from a loss of $48.9 million in 2023. The improved profitability was attributed to higher sales, enhanced gross margins, and reduced logistics costs.
Total stockholders' equity increased to $1.02 billion as of September 30, 2024, from $953.5 million at the end of 2023, while the accumulated deficit decreased to $(299.9 million) from $(328.7 million). Cash and cash equivalents were reported at $274.6 million, down from $296.9 million at the end of 2023.
Freshpet's strategic initiatives included the issuance of $402.5 million in convertible senior notes in March 2023, which provided capital for growth and operational needs. The company also reported a net cash flow from operating activities of $103.9 million for the nine months ended September 30, 2024, compared to $39.0 million in the same period of 2023.
Overall, Freshpet's performance reflects a strong recovery and growth trajectory, driven by increased demand for its natural pet food products and effective operational strategies.
About Freshpet, Inc.
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