Grill Maker Traeger falls on forecast cut, dismal Q2 results
11/08/2022 13:00
** Shares of wood pellet grill maker Traeger Inc COOK.N
down 11% at $3.56 before the bell
** COOK, on Wednesday after markets close, cut full-year
2022 revenue forecast to between $640 mln and $660 mln, from
$800 mln - $850 mln
** Company says the cut is due to a shift in consumer demand
and reduction in replenishment orders from retailers who seek
to reduce channel inventories
** COOK also misses Q2 revenue and profit estimates,
impacted by macroeconomic conditions pressuring the consumer
resulting in changes in spending behavior urn:newsml:reuters.com:*:nBw3FpzgZa
** Q2 total revenue fell 6% to $200.3 mln, missing analysts'
estimates of $219.5 mln, per Refinitiv IBES data
** Over the longer term, COOK should benefit from solid
demand boosted by consumer appetite for higher quality,
innovative grills and ongoing strength in the outdoor cooking
market says Telsey Advisory Group analyst Joe Feldman
** Up to Wednesday's close, stock had fallen ~67% this year
(Reporting by Ananya Mariam Rajesh in Bengaluru)
((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))