Traeger reports Q3 EPS (12c), consensus (12c)

Reports Q3 revenue $117.7M, consensus $110.2M. “I am pleased with our third quarter financial results, which were ahead of our expectations,” said Jeremy Andrus, CEO of Traeger. “Third quarter’s performance is the direct result of our team’s unrelenting focus over the last year on positioning Traeger for improved financial flexibility and profitability. Our efforts to rightsize channel inventories allowed for more normalized replenishment rates at retail in the quarter which drove strong growth in grills compared to last year. Moreover, we are now seeing greater benefit from lower supply chain costs, which in combination with expense discipline, drove a meaningful improvement in Adjusted EBITDA in the third quarter. Given the better than expected results in the third quarter, we are increasing the midpoint of our revenue, gross margin and Adjusted EBITDA outlook for the full year. I believe we continue to be strongly positioned to execute our strategy to materially grow penetration and awareness of the Traeger brand. We recognize that the macroeconomic backdrop remains volatile and we will manage the business prudently as we look to create long-term value for our shareholders.”