Freshpet updates 2023 guidance: $160 million more than last year

New Jersey-based pet food and treats manufacturer Freshpet posted net sales of $200.6 million (€187.6M) in the third quarter of 2023. During the same period last year, revenue hit $151.3 million (€141.5M).

Net loss in Q3 2023 was $7.2 million (€6.7M), lower than what was registered in 2022 when Freshpet hit $18.4 million (€17.2M).

CEO Billy Cyr commented on the positive results, saying that due to the “strong” third quarter performance, the company is raising the guidance for the rest of the year by 27%, $5 million (€4.68M).

Freshpet now estimates that net sales for 2023 will be $755 million (€706.3M). In 2022, the manufacturer posted revenue of $595.3 million (€557.4M).

“Our strengthened organization is delivering improved margins from better operational performance in logistics, input costs and quality while maintaining strong volume-based revenue growth,” says Cyr.

9-month overview

The manufacturer also registered an increase in sales in the first 9 months of 2023, mainly driven by volume gains and higher pricing.

From January to September, Freshpet’s revenue hit 551.5 million (€516.1M), 28.4% more than the $429.5 million (€401.9M) brought in during the same period in 2022. Investing.com reported that the company’s share price rose 18% following the positive financial release.

2027 target

Freshpet confirms it is on track to reach a net sales target of $1.8 billion (€1.68B) by 2027.

“Fiscal year 2023 is shaping up to be the kind of year we had hoped it would,” says Cyr. He adds that company growth “puts Freshpet ahead of the pace needed” to deliver its 2027 goals.

A year ago, Freshpet opened a new large-scale manufacturing facility in Ennis, Texas. Since its launch, the manufacturer said it has added more than 1,000 new stores to its retail distribution network.