When PetIQ Inc. (NASDAQ: PETQ) reported its most recent quarterly results after the markets closed on Tuesday, the company said that it had $0.66 in earnings per share (EPS) and $171.1 million in revenue. The consensus estimates had called for $0.39 in EPS and $148.5 million in revenue.
During the quarter, product segment net sales were $148.7 million, and the services segment revenues were $22.4 million in the second quarter of 2018. The increase in consolidated net sales reflects growth in existing and new retail partners, primarily within distributed items, and the expansion of product and services offerings.
PetIQ’s cash and cash equivalents totaled $11.67 million at the end of the quarter, down from $37.90 million at the end of the previous fiscal year.
Looking ahead to the 2018 full year, the company expects to see consolidated net sales of roughly $500 million and adjusted EBITDA of $40 million to $45 million. Consensus estimates are $0.80 in EPS and $481.45 million in revenue for the year.
Cord Christensen, PetIQ board chair and chief executive, commented:
Our strong, broad-based growth continued during the second quarter resulting in record net sales. Our team expanded PetIQ’s pet preventative and wellness veterinarian products and services offerings to further our mission to make pets’ lives better with more affordable and accessible veterinarian services and products. We are very pleased with the progress of our “Follow the Pets” growth initiatives including the opening of 17 wellness center locations in the second quarter, with all 20 VetIQ wellness centers completed. Based on these strong operational and financial results as well as our outlook for the remainder of the year, we are raising our annual net sales guidance to $500 million. We believe our category leadership, broad product portfolio, compelling service offerings, value proposition and strong customer relationships will continue to fuel our future growth and value for our shareholders.
Shares of PetIQ closed Tuesday at $28.28, with a consensus analyst price target of $29.00 and a 52-week range of $17.03 to $29.55. Following the announcement, the stock was up about 13% at $31.90 in early trading indications Wednesday.