Traeger, Inc. ( (COOK) ) has released its Q3 earnings. Here is a breakdown of the information Traeger, Inc. presented to its investors.
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Traeger, Inc., headquartered in Salt Lake City, is noted for being the creator and category leader of the wood pellet grill, offering a versatile outdoor cooking system that allows users to grill, smoke, bake, roast, braise, and barbecue.
Traeger has reported its financial results for the third quarter of fiscal 2024, showcasing a solid performance with increased revenue and gross margin. The company has also revised its full-year guidance upwards, reflecting confidence in its ongoing strategies and market position.
For the third quarter, Traeger reported a 3.7% increase in total revenues, reaching $122.1 million, with grill revenues alone seeing a significant 32.5% rise to $74.9 million. Despite these gains, the company recorded a net loss of $19.8 million, slightly higher than the previous year’s $19.3 million. However, adjusted EBITDA displayed a robust climb to $12.3 million from $4.7 million, driven by improvements in gross margin and effective cost management.
The company saw mixed performance across its product lines, with grills experiencing strong sales due to promotional and pricing strategies, while consumables and accessories faced declines. Regionally, North America showed a 10.4% revenue increase, contrasting with a 40.1% drop in the rest of the world, highlighting varied market dynamics.
Looking ahead, Traeger remains positive about its growth trajectory and shareholder value creation, supported by its expanding innovation pipeline and efficiency improvements. The company has updated its full-year revenue, gross margin, and adjusted EBITDA guidance, signaling expected continued financial health and strategic progress.
