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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.

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