Freshpet misses by $0.02, beats on revs; lowers FY15 guidance :
- Reports Q3 (Sep) loss of $0.05 per share, $0.02 worse than the Capital IQ Consensus of ($0.03); revenues rose 36.0% year/year to $30.6 mln vs the $30.26 mln Capital IQ Consensus.
- Net sales for Q3 was driven by increased velocity across all channels and includes $1.8 million associated with the Company's Freshpet Baked test product. The Company also experienced an increase in Freshpet Fridges, to 14,670 from 12,970 in the third quarter of 2014.
- Co issues downside guidance for FY15
- Lowers FY15 revs to $115.5-117 mln from $117-119.5 mln vs. $118.38 mln Capital IQ Consensus
- Lowers EBITDA to $10-11 mln from $12.5-14.0 mln.
- "We made meaningful progress across several areas of our business, however, we experienced lower than expected Freshpet Fridge growth and our gross margin was negatively affected by manufacturing inefficiencies from new product innovation and the near term cost of adjusting processes on our primary products."
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