By Claudia Assis
Traeger Inc. stock fell more than 9% in the extended session Thursday after the grill maker swung to a GAAP quarterly loss in its first financial snapshot after becoming public in July.
Traeger /zigman2/quotes/228383287/composite COOK +1.63% said it lost $4.9 million, or 5 cents a share, in the quarter, contrasting with net income of $18.9 million , or 17 cents a share, in the second quarter of last year.
Adjusted for one-time items, Traeger earned 15 cents a share, the company said. Sales rose 39% to $213 million.
Consensus EPS was 4 cents a share on sales of $211 million, according to FactSet.
Traeger “will continue to make strategic investments to support the enormous growth opportunity that lies ahead for our brand,” Chief Financial Officer Dominic Blosil said in statement. The business “has the potential to deliver approximately 20% annual revenue growth and 20% adjusted EBITDA margins as we continue to execute on our strategy.”
Traeger guided for full-year 2021 revenue between $760 million and $770 million, and adjusted EBITDA between $103 million and $108 million.
The outlook “reflects strong consumer demand” as well as margin pressures due to global supply-chain “challenges” and investments in products, marketing, and growth infrastructure, the company said.
Traeger’s initial public offering priced at the top of the range in July, valuing the grill maker at more than $2 billion.