Pet health and wellness company PetIQ (PETQ) reported a 15.5% jump in sales, while net loss widened to $3.39 million. The increased net loss was largely due to the one-time non-cash tax expense of $3.4 million, or $0.16 per diluted share for the revaluation of deferred tax assets, and a provisional tax expense of $0.2 million.
Gross profit for the quarter increased 38.1% year-over-year, driven by improved net sales which created improved sales mix of categories that were more profitable and procurement improvements.
PetIQ also announced that it has reached an agreement to open 20 veterinarian clinics within Walmart stores. These clinics will be opened between March and the end of the second quarter of 2018.
Outlook
The company expects full year 2018 net sales in the range of $450 million to $500 million, up 69% to 87% year-over-year. Adjusted EBITDA is expected in the range of $40 million to $45 million, up 79% to 102% year-over-year.
Most Popular
Tyson Foods (TSN) Q1 2023 Earnings: Key financials and quarterly highlights
Tyson Foods Inc. (NYSE: TSN) reported first quarter 2023 earnings results today. Sales rose 2.5% year-over-year to $13.2 billion. Net income attributable to Tyson was $316 million, or $0.88 per
After weak start to 2023, Apple (AAPL) sees some bright spots
Apple Inc. (NASDAQ: AAPL) this week reported its first revenue decline in more than three years, even as the high inflation continues to squeeze customers’ spending power. Sales of the
Earnings: Qualcomm (QCOM) Q1 profit falls on lower revenues
Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) has reported lower earnings and revenues for the first quarter of 2023. The company also provided guidance for the second quarter of 2023. At $9.5
