Traeger Inc. shares fell more than 7% in the late Thursday session after the grill maker posted a GAAP quarterly loss in its first financial snapshot following its IPO in July.
Traeger COOK, + 2.12%, said it lost $ 4.9 million, or 5 cents per share, in the quarter, compared to net income of $ 18.9 million, or 17 cents per share, in the second Quarter of last year.
Adjusted for one-off effects, Traeger earned 15 cents per share, the company announced. Revenue rose 39% to $ 213 million.
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Consensus EPS was 4 cents per share on sales of $ 211 million, according to FactSet.
Traeger “will continue to make strategic investments to support the tremendous growth opportunities our brand has before us,” CFO Dominic Blosil said in a statement. The business “has the potential to achieve annual sales growth of around 20% and an adjusted EBITDA margin of 20% if we continue to implement our strategy”.
For the full year 2021, Traeger expects sales of between $ 760 million and $ 770 million and an adjusted EBITDA of between $ 103 million and $ 108 million.
The outlook “reflects strong consumer demand” as well as margin pressures from global supply chain “challenges” and investments in products, marketing and growth infrastructure, the company said.
Traeger’s IPO was at the top in July, valuing the grill maker at more than $ 2 billion.