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Detail

Traeger Falls on Quarterly Loss as Expenses More Than Double

By Dhirendra Tripathi AiVIF.com – Traeger (NYSE:COOK) stock fell 9% Friday as the company reported a net loss in the second quarter after expenses more than doubled. This was...
Traeger Falls on Quarterly Loss as Expenses More Than Double © Reuters.

By Dhirendra Tripathi

AiVIF.com – Traeger (NYSE:COOK) stock fell 9% Friday as the company reported a net loss in the second quarter after expenses more than doubled.

This was the company’s first earnings announcement after it went public in July.

Sales and marketing expenses soared to $47.3 million compared to $21 million in the second quarter last year. The company attributed this to increase in advertising spend for greater customer awareness and driving demand. It also spent more on acquiring and improving the customer experience.

General and administrative expenses were $24.8 million, compared to $9.3 million last time. This was largely due to an increase of $10.3 million in professional services in connection with the refinancing of the company's long-term debt, consulting services, and legal expenses, it said.

The jump in expenses overtook the 39% increase in revenue to $213 million.

As a result, the company reported a net loss of $4.9 million compared to a profit of $18.85 million in the second quarter of last year.

Inventory rose as the company targeted higher levels of safety stock to meet expected demand.

The maker of wood pellet grill, an outdoor cooking system, expects yearly revenue to come in at $765 million at midpoint of the range.

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24-09-2021 16:28:26 (UTC+7)

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 EUR/USD1.1734↑ Sell
 GBP/USD1.3709Buy
 USD/JPY110.40↑ Buy
 AUD/USD0.7272↑ Sell
 USD/CAD1.2683↑ Buy
 EUR/JPY129.55Neutral
 EUR/CHF1.0831Sell
 Gold1,755.30Neutral
 Silver22.683↑ Buy
 Copper4.2315↑ Buy
 Crude Oil WTI73.44↑ Sell
 Brent Oil77.52↑ Sell
 Natural Gas5.085Neutral
 US Coffee C192.90↑ Sell
 Euro Stoxx 504,168.77↑ Buy
 S&P 5004,448.98↑ Sell
 DAX15,554.45↑ Buy
 FTSE 1007,066.16↑ Buy
 Hang Seng24,192.16↑ Buy
 Small Cap 20002,259.80↑ Sell
 IBEX 358,878.50↑ Buy
 BASF63.885Buy
 Bayer46.42Neutral
 Allianz192.54Neutral
 Adidas280.77↑ Sell
 Lufthansa6.215Neutral
 Siemens AG149.00↑ Sell
 Deutsche Bank AG10.734Buy
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