Trager, Inc. ( NYSE: COOK ) saw a double-digit gain on Wednesday more than erased in after hours trading after offering underdone revenue guidance for the full year.
The Utah-based grill manufacturer posted misses on top and bottom lines for the second , which included a 240 basis point decline in gross profits and a 6% decline in revenue.
"In the second quarter, macroeconomic conditions that are pressuring the consumer and changes in spending behavior negatively impacted results,” CEO Jeremy Andrus said. “While we had previously considered these factors in our outlook for the year, their impact deepened as we moved through some of our most important selling weeks of the year during the quarter”
He added that he expects sales softness to continue into the coming quarters, necessitating significant cost-cutting actions currently underway. Additionally, full-year sales forecasts were significantly reeled in.
The company now expects revenue to range from $640M to $660M for the full year, well below the expectation of $801.35M.
Shares fell 14% in premarket trading on Thursday, more than erasing a 12.68% jump in anticipation of the earnings release on Wednesday.
Read the earnings call transcript .
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Traeger stock tumbles on earnings miss, tempered guidance