By Exec Edge Editorial Staff
Traeger, Inc. (NYSE: COOK), which sells wood pellet grills loved by Joe Rogan, topped third-quarter sales estimates amid a challenging macroeconomic environment.
The company posted $93.8 million in revenue for the quarter, topping a Bloomberg estimate of $86 million.
The company expects full-year revenue to be between $635 million and $640 million. Adjusted Ebitda, meanwhile, is expected to be between $33 million and $35 million.
“During the third quarter, our top line was pressured as macroeconomic uncertainty continued to weigh on the consumer and our retail partners aggressively reduced in-channel inventories. Despite these challenges, we made progress on our near-term strategic priorities and took decisive action to enhance profitability and cash flow and to position the Company for a strong recovery when the macroeconomic environment normalizes. This includes realizing meaningful cost savings resulting from restructuring actions taken early in the third quarter as well as driving sequential improvement of in-channel inventory levels. We believe the macro environment will remain highly dynamic through the end of the year with our retail partners continuing to reduce inventory levels in the fourth quarter and we now expect full year results to be at the low-end or slightly below our prior guidance range. Despite near-term challenges, we continue to grow brand awareness and enhance our merchandising with our most important retail partners, adding to my confidence in the long-term opportunity for Traeger,” said Jeremy Andrus, CEO of Traeger.