Shares of pet food company (NASDAQ: FRPT) surged higher on Monday after the company reported completed financial results for 2023. As of 10:40 a.m. ET, Freshpet stock was up 19% and had hit new 52-week highs.

In the fourth quarter of 2023, Freshpet had net sales of $215 million, its highest ever and up 30% from the prior-year period. This was almost $12 million more than what management had expected. And the good news is that its growth was driven by a 25% increase in sales volume. In other words, more consumers are adopting the fresh pet food products.

Freshpet's sales were up and certain expenses -- including logistics expenses -- were down, leading to Q4 net income of $15.3 million. This was the company's first profitable quarter since 2020.

Continue reading

Source Fool.com