PetIQ reports Q3 EPS 42c, consensus 2c

Reports Q2 revenue $277M, consensus 229.064M. Reports products segment net sales of $239.7 M compared to $176.2 M , an increase of 36.0% Services segment net revenues of $37.4 M compared to $33.5 M, an increase of 11.5% Cord Christensen, PetIQ’s Chairman & CEO commented, “We are pleased to report the highest third quarter financial results in the history of the Company. We generated growth significantly above our guidance resulting in strong third quarter 2023 cash generation and record low net leverage. We’ve made important strategic decisions to help us increase operating efficiencies and focus our spending on the areas of our business where we are seeing the most favorable returns. PetIQ’s product portfolio continued to experience increased consumption and gain market share in the quarter, evidence that our strategic marketing initiatives are working, and we expect to lean in on these initiatives heading into next year to support the long-term success of our brands. We have an incredible team executing at a high-level that have helped to fuel our record results and ability to raise the Company’s full year 2023 outlook.”