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Freshpet, Inc. reports developments tied to its fresh refrigerated pet food business, including financial results, sales outlook updates, brand marketing, product-quality certifications, and leadership changes. The company makes recipes for dogs and cats from fresh meats, vegetables, and fruits at Freshpet Kitchens and keeps foods and treats refrigerated through delivery to retail Freshpet Fridges or direct-to-consumer channels.
Recurring updates focus on net sales growth, gross margin, non-GAAP measures, manufacturing scale, omnichannel distribution, and availability through grocery, mass, digital, pet specialty, and club retailers in the United States, Canada, and Europe.
Freshpet, Inc. (NASDAQ: FRPT) has appointed Thembi Machaba as Senior Vice President of Human Resources, effective August 1, 2020. CEO Billy Cyr expressed enthusiasm about her joining the team, highlighting her extensive experience in leading diverse teams across competitive industries. Machaba has over 18 years of experience in human resources, previously serving as Vice President Global Human Resources at Molson Coors Beverage Company. Freshpet aims to improve pet nutrition through fresh, natural foods produced sustainably.
Freshpet announced it will release its second quarter results for 2020 on August 3, 2020, after market close. A conference call to discuss these results will begin at 4:30 p.m. ET the same day, with participation available via North American and international phone lines. The call will also be streamed live on Freshpet's website, where it will be archived for future access. The company is committed to enhancing pet well-being through fresh, natural food sourced from local farms.
Freshpet announced participation in the virtual Jefferies Consumer Conference on June 23 at 9:30 a.m. ET. The presentation will be accessible live from the Investors section of their website and archived online for later viewing. Freshpet focuses on enhancing the lives of pets through fresh, real food sourced locally, made in small batches, and kept refrigerated until delivery. Available in various retail formats across the U.S., Canada, and Europe, the company emphasizes integrity and social responsibility.
Freshpet announced that Robert C. King will step down from the Board of Directors at the Annual Stockholders Meeting in September, taking on the role of Chairman at WernerCo. King, who has been part of Freshpet's board since November 2014, will leave with one year remaining in his three-year term. CEO Billy Cyr expressed gratitude for King's contributions, highlighting his role in Freshpet’s IPO and CEO search committee.
Freshpet focuses on providing fresh, real food for pets, sourcing ingredients locally and prioritizing transparency in their manufacturing processes.
Freshpet, Inc. announced a settlement in the shareholder derivative litigation Meldon v. Freshpet, Inc., pending in the U.S. District Court for New Jersey. The settlement, which requires court approval, involves no admission of liability from the defendants and includes ongoing corporate governance measures. The court has preliminarily approved the settlement, and a hearing is scheduled for July 21, 2020. Freshpet will pay $210,000 in legal fees and $1,000 to the plaintiffs, subject to court approval. Shareholders can file objections to the settlement before the hearing date.
Freshpet, Inc. (NASDAQ: FRPT) will participate in a virtual fireside chat at the Goldman Sachs Global Staples Forum on May 18, 2020, at 1:00 p.m. ET. The event can be accessed live on the Company's website and will be archived for later viewing. Freshpet is committed to enhancing pet health through fresh, real food made from local ingredients. Their products are refrigerated throughout production and distribution to maintain quality and freshness, available in various retail formats across the U.S., Canada, and Europe.
Freshpet reported a 27.9% increase in net sales, totaling $70.1 million for Q1 2020, compared to $54.8 million in Q1 2019. The company faced a net loss of $3.6 million, slightly widening from a loss of $3.4 million the previous year. Adjusted EBITDA rose significantly by 106.1% to $5.7 million. Freshpet's strong performance is attributed to sales growth amid COVID-19 challenges. The company reaffirmed its full-year sales guidance, projecting at least $310 million, a growth of over 26%, and revised Adjusted EBITDA expectations to exceed $44 million.