Weber Slips To Net Loss In Q3; Sales Down, But Tops View

Weber Inc. (WEBR), a maker of outdoor cooking products, reported Monday that its third-quarter net loss attributable to the company was $7.49 million, compared to net income of $17.83 million.

Loss per share was $0.41.

Adjusted net loss was $19 million, compared to adjusted net income of $85 million in the prior-year quarter.

For the quarter, Weber generated net sales of $528 million, down 21 percent from $669 million last year.

On average, seven analysts polled by Thomson Reuters expected sales of $526.17 million for the quarter. Analysts' estimates typically exclude special items.

The decrease was driven by slower retail traffic, both in-store and online in all key markets, due to rising inflation, supply chain constraints, geopolitical uncertainty and fuel prices,

The company said it has initiated a plan to manage cash flows, preserve liquidity, expand gross margins, and reduce SG&A expenses.

These actions are expected to result in at least $110 million of cash benefit, net of restructuring costs, in fiscal year 2023, with run-rate benefits beyond that.

In pre-market activity on the NYSE, Weber shares were gaining around 3.8 percent to trade at $7.18.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Foxconn, Apple Inc.'s key iPhone assembler, expects that its major plant in China, which is being hit hard by worker unrest following Covid-19 spread and related restrictions, would restart full production around late December to early January, Reuters reported citing a Foxconn source. Nestle Purina PetCare Co. has recalled a limited amount of certain prescription wet dog food citing labeling error, the U.S. Food and Drug Administration said. The recall involves Purina Pro Plan Veterinary Diets EN Gastroenteric Low Fat or PPVD EN Low Fat wet dog food that comes in 13.4 oz cans. Exportadora Copramar is recalling 1260 cases of James Farm frozen raspberries citing potential to be contaminated with Hepatitis A, the U.S. Food and Drug Administration said. The recall involves James Farm branded frozen raspberries identified by UPC Code: 76069501010 and Lot Code - 22-165.
Follow RTT