Grill maker Weber sinks in premarket trading after sales warning and CEO departure

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Weber Inc. WEBR, -17.71% stock sank 18.8% in Monday premarket trading after the grill maker issued a sales warning for its third quarter and announced the departure of its chief executive, Chris Scherzinger. Preliminary quarterly results show sales of $525 million to $530 million with performance under pressure from factors like inflation, fuel prices and supply-chain challenges. The FactSet consensus is for sales of $532.7 million. Due to the ongoing factors impacting sales, the company has withdrawn its 2022 guidance. Alan Matula, the company’s chief technology officer, has been named interim CEO during the search for a permanent CEO, effective immediately. “We are taking decisive action to better position Weber to navigate historic macroeconomic challenges, including inflationary and supply chain pressures that are impacting consumer confidence, spending patterns, and margins,” said Kelly Rainko, nonexecutive chair of Weber’s board. Weber stock began trading in August 2021, around the same time as rival Traeger Inc. COOK, -3.97%. Weber is scheduled to report Q3 earnings on September 14, according to the FactSet calendar. Weber’s stock was down 42% as of close of trading on Friday.

This article was originally published by Marketwatch.com. Read the original article here.

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