WEBR - Weber reports wide misses on earnings expectations

Weber ( NYSE: WEBR ) stock slid in premarket trading on Wednesday after Q4 earnings results reflected sharp contractions in profits and sales.

For the fourth quarter, a $0.53 loss more than doubled the expectation on the Street while a 52% drop in revenue from the prior year to $168.09M came up $40.92M short of expectations.

Net sales crashed 60% in the Americas and 54% in the EMEA region, offsetting a 10% increase in APAC sales.

For the full-year, gross profit decreased 47% to $434M compared to $825M in 2021 and net losses accelerated to $330M from $6M in net income marked in the prior year.

“Our fiscal fourth quarter and full-year performance demonstrates that we have maintained significant growth compared to pre-pandemic levels,” CEO Alan Matula said. “We continue our focus on the key initiatives we set forth in the third fiscal quarter. We look forward to executing against our growth strategies in 2023, introducing exciting products and creating additional value for our customers and all stakeholders.”

Shares of the Illinois-based grill manufacturer edged lower on Wednesday.

The company announced its intention to be acquired by BDT Capital on Tuesday. Read more on the details of the deal .

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