Welcome to our dedicated page for Freshpet news (Ticker: FRPT), a resource for investors and traders seeking the latest updates and insights on Freshpet stock.
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. 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.