Weber Reports Mixed Fiscal Third-Quarter Results

primeone

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Are there any Weber stock holders on the forum? Looks like the company is doing pretty good!

09/15/2021 (MT Newswires) -- Weber (WEBR) reported lower fiscal third-quarter earnings with a 19% increase in sales amid consumer demand for cooking food at home, while the company issued a 2021 sales forecast that was in line to just ahead of Wall Street views.

The barbeque grill maker, which made its market debut in early August, reported adjusted net income of $85.04 million, down from $90.83 million a year earlier and beneath the consensus on Capital IQ for $104 million. Income per common unit was $32.84, compared with $142.69 in the 2020 period.

Net sales for the quarter ended June 30 were $668.9 million, up from $560.8 million the year before, but that was just shy of analysts' views for $669.4 million.

"During the third quarter, we continued to experience record levels of demand for Weber grills and accessories across every product fuel type in our portfolio and every region globally," said Chief Executive Chris Scherzinger in a statement on Wednesday. "We see ongoing resilience in the outdoor cooking category and continued market share growth for Weber.

Sales for the Americas increased 8% to $339 million, while Europe, the Middle East and Africa shot up 35% to $307 million. Sales in the Asia-Pacific region jumped 25% to $23 million.

The company said it encountered significant "headwinds" in the 2021 quarter related to distribution, inbound freight, and commodity cost inflation. Weber sells its products in 78 countries and makes grills and smokers powered by charcoal, gas, pellets and electricity.

For fiscal 2021, Weber is looking for sales of $1.96 billion to $1.97 billion, or 28% to 29% over the prior year. Weber's fiscal year ends Sept. 30. Analysts are predicting revenue of $1.96 billion.

"Our growth priorities around new product innovation, direct-to-consumer, and channel and geography expansion have generated strong growth throughout 2021, with fiscal year-to-date sales up 41%, outpacing the category," Scherzinger said.
 

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Handing out parts like Oprah hands out cars when not necessarily needed will make the shareholders unhappy.
 
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