Traeger shares smoked after another guidance cut
09/11/2022 22:16
(Updates stock activity, adds context)
** Shares of wood pellet grill maker Traeger Inc COOK.N
drop as much 33% in extended trading, but significantly pare
losses and now down ~3% after outlook reduced
** Co now expects FY22 rev of $635-$640 mln, due to
continued pressure on replenishment order activity as retailers
look to reduce inventories urn:newsml:reuters.com:*:nBw5jnlKHa
** In Aug, co chopped FY rev forecast to $640-$660 mln from
$800-$850 mln, citing shift in consumer demand
** Q3 rev decreases 42% yr/yr to ~$94 mln, topping Refinitiv
IBES est of ~$87 mln
** Adj loss/sh in qtr of 21 cents a penny more than
consensus
** COOK on Weds closed down 9.7% at $3.71, extending YTD
loss to 69%
** Co went public in Jul 2021 IPO priced at $18
** Avg rating among 10 analysts is "hold"; median PT is $4 -
Refinitiv
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))