Q1 2024 PetIQ Inc Earnings Call Transcript
Key Points
- PetIQ Inc (PETQ) reported a record Q1 with consolidated net sales of $308.4 million, at the high end of their guidance.
- Net income and EPS increased significantly, with net income at $14.9 million or EPS of $0.48, up 47.8% from Q1 last year.
- Adjusted EBITDA increased by 15% year-over-year to $35.3 million, exceeding guidance and marking the highest adjusted EBITDA margin in the company's history at 11.4%.
- The products segment contributed significantly with net sales of $276.9 million, a 7% increase from the prior year, driven by broad-based growth across all product categories.
- Operational efficiencies and successful brand-building efforts led to gross margin expansion of 280 basis points to 24.2%.
- The services segment showed minimal growth with only a 0.2% increase in net sales to $31.6 million compared to Q1 last year.
- Increased SG&A expenses, primarily due to a rise in marketing costs, which increased by $4.7 million.
- Inventory levels were higher than normal at the end of Q1, attributed to planned seasonal build and timing of inventory availability from distribution partners.
- The company reported a slight increase in total debt to $443.9 million as of March 31, 2024.
- PetIQ Inc (PETQ) expects to recognize an approximate $1.7 million loss from the sale of the company's foreign subsidiary in the second quarter of 2024.
Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to the PETIQ. First Quarter 2024 earnings conference call. (Operator Instructions) Please note that today's event is being recorded.
I would now like to turn the conference over to Katie Turner, Investor Relations. Please go ahead.
Good afternoon, and thank you for joining us on today's Hughes First Quarter 2024 Earnings Conference Call and Webcast for Christenson Chief Executive Officer, and Brad Glassman, Chief Financial Officer, will review today's prepared remarks.
Before we begin, please remember that during the course of this call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could differ materially from actual events or those described in these forward-looking statements, please refer to the Company's annual report on Form 10 K and other reports filed from time to
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investorsā 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
