Pellet grill maker Traeger (NYSE:COOK) is going into the weekend on a bum note. The barbecue stock fell by nearly 6% after the company published its latest set of quarterly results.
In Traeger’s second quarter, the company earned $213 million in revenue, which was 39% higher than in the same period of 2020.
However, it flipped to a GAAP net loss of $4.9 million, or $0.05 per one of Traeger’s common units, quite some distance below the $9.3 million profit of Q2 2020. On a non-GAAP (adjusted) basis the company’s bottom line was in the black, but at $16.5 million ($0.15 per unit) this was well under the $27.8 million in the year-ago period.
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On average, analysts following the stock were anticipating $211 million on the top line, with per-share net profit coming in at $0.04.
Understandably, Traeger touted its robust revenue growth in its earnings release. It wrote that “Performance was driven by the productivity of our omnichannel sales strategy, the strength of our retail partnerships, and investment in top-of-funnel demand creation as we continue to drive brand awareness.”
The company added that sales in Canada, a famously barbecue-loving nation, were particularly strong.
Traeger also provided selected guidance for the entirety of 2021. The company believes it will post revenue of $760 million to $770 million, which if achieved would mean year-over-year growth of at least 39% — matching the Q2 figure. Adjusted EBITDA should land at $103 million to $108 million; no bottom-line forecast was provided.
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