Weber Dips On Q2 Results, Decreased Outlook Below Estimates

(RTTNews) - Shares of Weber Inc. (WEBR) are falling more than 6% in the morning trade on Monday following second quarter results, that missed analysts' view. The outdoor cooking company also cut its full-year revenue outlook to reflect retail traffic and consumer purchase trends.

The company reported net loss of $54.45 million or $1.02 per share in the second quarter compared with net income of $68.91 million in the prior-year quarter. Excluding one-time items, loss was $33.97 million.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share.

Net sales decreased 7%, to $607 million, from $654 million in the prior-year quarter, impacted by supply chain disruptions. The consensus estimate stood at $659.06 million.

Looking forward to the full year, net sales are expected to be in the range of $1.65 billion to $1.80 billion, lower than the previous outlook of 6% to 8% increase from 2021 revenue of $1.98 billion. Analysts expect revenue of $2.09 billion for the year.

WEBR touched a new low of $5.72 this morning before edging up to trade at $6.69 currently.