11:29 AM EDT, 08/05/2024 (MT Newswires) -- Freshpet ( FRPT ) reported stronger-than-expected second-quarter revenue on Monday amid volume growth while narrowing its loss and lifting its full-year financial outlook.

Revenue climbed to $235.3 million for the three months ended June 30 from $183.3 million the year earlier and surpassed the $231.1 million average analyst estimate on Capital IQ. The top-line improvement was "entirely" driven by volume growth of 28%, Freshpet ( FRPT ) said.

The pet food company's per-share loss narrowed to $0.03 from $0.35 year over year and was a penny less than the Wall Street view.

"Freshpet ( FRPT ) is delivering disciplined growth," Chief Executive Billy Cyr said in a statement. "That has enabled us to significantly improve profitability while continuing to deliver category-leading net sales growth."

Input costs as a percentage of sales improved 460 basis points, while quality costs improved by 90 basis points, Chief Financial Officer Todd Cunfer told analysts on a conference call, according to a Capital IQ transcript.

The pet food company now expects full-year sales of at least $965 million, up from its previous guidance of at least $950 million. The Capital IQ-polled consensus is for revenue of $960.7 million for the ongoing year.

"The momentum we have today gives us even greater confidence in our ability to achieve our 2027 targets, a number of which we have already exceeded," Cyr said in a statement. Second-quarter adjusted gross margin, input, quality and logistics costs exceeded some of the key elements of Freshpet's ( FRPT ) 2027 goals, he said on the call.

The company now sees adjusted earnings before interest, taxes, depreciation and amortization of at least $140 million this year, compared with at least $120 million previously projected.

Price: 120.54, Change: -1.56, Percent Change: -1.28