Traeger Inc Stock Price, News & Analysis

Traeger, Inc. (NYSE: COOK) reported its Q4 and full-year 2022 financial results, highlighting a 21% drop in Q4 revenues to $138.1 million and a 16.5% decrease in full-year revenues to $655.9 million. The company faced a net loss of $382.1 million for the year, primarily due to a $222.3 million goodwill impairment charge. Adjusted EBITDA for the year was $41.5 million. Despite challenges in 2022, the CEO expressed optimism for 2023, forecasting revenues of $560-$590 million and improved gross margins of 36%-37%. Cost controls and product mix adjustments are expected to drive growth. Traeger aims for better channel inventory normalization in the second half of 2023.

Traeger, Inc. (NYSE: COOK) will release its fourth quarter and full year 2022 financial results on March 16, 2023, after market close. A conference call is scheduled for 4:30 p.m. Eastern Time the same day to discuss the results. Interested participants can join the call by dialing (844) 200-6205 or +1 (929) 526-1599 for international calls, using conference ID 873475. A replay will be accessible until March 30, 2023. Traeger, known for its wood pellet grills, has expanded into the griddle category in 2023, enhancing its position in the outdoor cooking market.

Traeger, the leader in wood-pellet grills, announced the launch of the Flatrock Grill on February 22, 2023. This innovative product aims to redefine the griddle category with a focus on premium design and functionality. Priced at $899, it features advanced technologies like TruZone™ temperature control and FlameLock™ construction for efficient cooking. The grill offers versatile cooking options and aims to elevate the outdoor cooking experience. Traeger plans to enhance customer engagement by filling a market gap for premium flat-top grills, emphasizing a commitment to innovation and quality.

Traeger, Inc. (NYSE: COOK) has launched the all-new Ironwood and Ironwood XL grills, redefining outdoor cooking with advanced features aimed at enhancing user experience. This upgraded series introduces innovations such as Smart Combustion technology and a touchscreen interface for precision cooking. The grills, priced at $1,799 and $1,999, promise superior wood-fired flavor and customizable cooking options. CEO Jeremy Andrus emphasizes that innovation remains central to Traeger's mission. The Ironwood series is available on Traeger's website and select retailers across the U.S. and Canada.

Traeger, Inc. (NYSE: COOK) reported a significant 42.1% decline in Q3 revenues to $93.8 million, primarily due to reduced consumer demand and inventory adjustments by retailers. The company's net loss skyrocketed to $210.4 million or $1.75 per share, impacted by a $109.8 million impairment charge. Gross profit margin fell to 27.7% compared to 33.5% year-over-year. Despite challenges, Traeger is focusing on strategic cost reductions and expects full-year revenues to be at the low-end of previous guidance, between $635 million and $640 million.

Traeger, Inc. (NYSE: COOK) will release its third quarter fiscal 2022 financial results on November 9, 2022, after market close. A conference call will follow at 4:30 p.m. Eastern Time to discuss these results. Participants can join by dialing (844) 200-6205 or +1 (929) 526-1599 for international callers, using conference ID 153347. The call will also be available via webcast. Replay options will be accessible until November 16, 2022.

Traeger, Inc. (NYSE: COOK) has appointed Steven P. Richman, the Group President of Milwaukee Tool, to its Board of Directors effective October 3, 2022. Richman will also serve on the Compensation Committee. CEO Jeremy Andrus expressed confidence that Richman's extensive operational expertise and proven success in driving growth will help Traeger enhance its strategy in the grilling category. Richman brings over 25 years of experience from notable companies, including Black and Decker and Bosch Power Tools, aiming to leverage this knowledge to benefit Traeger’s stakeholders.

Traeger, Inc. (NYSE: COOK) has announced the promotion of two key executives: Jim Hardy as Chief Operating Officer and Cole VandenAkker as Chief Sales Officer. Both promotions recognize their significant contributions to the company. Jim Hardy, with over 35 years of operations expertise, previously served as Chief Supply Chain Officer, while Cole VandenAkker has led Traeger's sales growth since 2020. These strategic appointments aim to enhance operational excellence and drive continued growth in a competitive market.

Traeger, Inc. (NYSE: COOK) announced a 6.0% revenue drop to $200.3 million for Q2 2022, with a significant net loss of $132.3 million, including a $111.5 million impairment charge. Adjusted EBITDA fell to $17.9 million. The company faces ongoing macroeconomic challenges affecting consumer demand, leading to a reduction in 2022 revenue guidance to $640-$660 million. In response, Traeger has initiated cost reduction measures expected to save $20 million annually and adjust inventory levels to align with demand. CEO Jeremy Andrus remains optimistic about long-term growth opportunities.