RTTNews | Nov 2, 2020 05:13PM EST

17:13 Monday, November 2, 2020 (RTTNews.com) - Shares of Freshpet Inc. (FRPT) slipped 5% in after-hours trading on Monday after the company reported third-quarter results.

Net income for the third quarter rose to $3.92 million or $0.09 per share from $2.99 million or $0.08 per share last year.

Third-quarter sales increased 29.0% to $84.2 million from $65.3 million last year, driven by velocity, innovation, and distribution gains.

Analysts polled by Thomson Reuters expected earnings of $0.10 per share on revenues of $84.09 million.

Looking forward to the full year 2020, the company expects net sales of $320.0 million, an increase greater than 30% from 2019. Analysts currently estimated revenues of $321.89 million.

FRPT closed Monday's trading at $118.51, up $4.01 or 3.50%, on the Nasdaq. The stock, however, slipped $5.51 or 4.65%, in the after-hours trading.

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