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Aug. 15, 2022, 8:18 a.m. EDT

Weber swings to loss in Q3, to suspend cash dividend and cut costs to combat inflation and other pressures

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By Ciara Linnane

Grill maker Weber Inc. /zigman2/quotes/203784864/composite WEBR +2.92% said Monday it had a net loss of $7.5 million, or 41 cents a share, for its fiscal third quarter to June 30, after earnings of $17.8 million in the year-earlier period. The company, which went public in August of 2021, did not offer a per-share figure for the year-ago period. Sales fell to $527.9 million from $668.9 million. The FactSet consensus was for a loss of 7 cents a share and sales of $526.0 million. "Our third quarter performance reflects the margin pressures we are experiencing as a result of global headwinds in our current operating environment," CEO Alan Matula said in a statement. "To strengthen our financial position for fiscal year 2023 and beyond, we are introducing a comprehensive cash flow and cost management plan, which will position Weber to enhance its leadership position in a dynamic outdoor cooking market." The company is planning to suspend its quarterly cash dividend, to reduce cost of goods sold and admin costs, to reduce its work force by eliminating management layers, and to reduce global inventory and working capital. The company is expecting to generate $100 million of cash benefit, net of restructuring costs, in fiscal 2023l. Shares jumped 5% premarket, but are down 46% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.20% has fallen 10%.

$ 7.41
+0.21 +2.92%
Volume: 874,751
Oct. 5, 2022 4:00p
P/E Ratio
Dividend Yield
Market Cap
$2.07 billion
Rev. per Employee
-7.65 -0.20%
Volume: 2.22B
Oct. 5, 2022 5:03p

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