PetIQ Inc. (PETQ) swung to a profit in the third quarter from a loss last year as existing and new retail partners growth and expansion of its product and services offerings drove sales higher. The pet health and wellness company’s stock inched up over 5% in the after-market session following upbeat results and guidance lift.
Net income attributable to the company was $2.22 million or $0.13 per share compared to a loss of $226,000 or $0.02 per share in the previous year quarter. Adjusted net income soared 108% to $8.17 million.
Total net sales climbed 117% to $131.38 million. This reflects growth in existing and new retail partners, primarily within the company’s distributed products, and the expansion of its product and services offerings. Product sales jumped 79% to $108.5 million and Services segment revenue was $22.9 million.
Gross profit jumped 93% and gross margin was 18.4% for the third quarter. The company continued to capitalize on opportunities to grow with its animal health partners and drove incremental sales of distributed products. This resulted in a shift of product sales mix but had no effect on gross profit earned.
Looking ahead in the full year 2018, PetIQ lifted its net sales outlook to about $515 million from the prior forecast of about $500 million. Adjusted EBITDA estimates are reiterated in the range of $40 million to $45 million.
The company completed the strategic acquisition of HBH Enterprises LLC on October 17, 2018, a pet health and wellness product manufacturer. The consideration consisted of $3 million in cash, which includes a $2.5 million repayment of debt and the issuance of 400,000 shares of PetIQ Class B common stock. PetIQ does not expect the transaction to have a material impact on the fourth quarter of 2018 net sales and profitability.
Shares of PetIQ ended Tuesday’s regular session down 5.36% at $31.27 on the Nasdaq. The stock has risen over 43% in the year so far and over 73% in the past year.
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