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
Key highlights from Abbott Laboratories (ABT) Q1 2024 earnings results
Abbott Laboratories (NYSE: ABT) reported its first quarter 2024 earnings results today. Total sales increased 2.2% year-over-year to $10 billion. Organic sales growth was 10.8%. Net earnings decreased 7% to $1.22
US Bancorp (USB) Q1 2024 Earnings: Key financials and quarterly highlights
US Bancorp (NYSE: USB) reported its first quarter 2024 earnings results today. Total net revenue decreased 6.4% year-over-year to $6.7 billion. Net income applicable to US Bancorp common shareholders decreased
UAL Earnings: United Airlines Q1 loss narrows on higher revenues; results beat
United Airlines Holdings, Inc. (NYSE: UAL) reported a narrower net loss for the first quarter of 2024, on an adjusted basis. The bottom line benefitted from an increase in revenues.
