Weber Stock Plunges 12% After Posting Worse-Than-Expected Earnings in Q2

Weber Inc shares plummeted nearly 12%, in pre-market trading after the company reported a wider-than-expected loss for its fiscal second quarter.

Source: Weber

WEBR down -2.67%, COOK down -4.01%

Weber reported a net loss of $51 million year over year and a 6% decline in net sales from the same time in 2021 to $607 million this year.

Chris Scherzinger, CEO of Weber stated that Q2 results signaled a proactive response to supply and material cost inflation that drove higher sequential gross margin and adjusted EBITDA margin compared to the prior quarter.

Weber’s net sales jumped 46% from 2020, a positive signal considering the number of people stuck at home two summers ago due to the COVID-19 pandemic.

The company opened seven new orders in Q1 of 2022, bringing the total global store count to 200. The company also reported a number of website upgrades and more social outreach.