- Weber ( NYSE: WEBR ) stock slid sharply pre-market on Monday after withdrawing its FY 2022 sales and earnings guidance based on panic across the consumer sector through inflationary and supply chain pressures.
- This is where we are talking about net sales annual guidance of $1.65-$1.80B and Adjusted EBITDA guidance of $140-$180M .
- The Illinois-based household appliances company also announced the departure of its CEO Chris Scherzinger from the company.
- Chief technology officer Alan Matula is currently being appointed as interim CEO while the firm said the search of Scherzinger's successor is underway.
- The update also include Q3 preliminary estimates release:
- Weber said it expects third quarter sales to be in the range of $525M to $530M, down from consensus of $532.74M . The firm said sales was affected from slower retail traffic, both in-store and online and these " market headwinds are expected to continue into the fiscal fourth quarter of 2022."
- Adjusted EBITDA to be marginally profitable, which is materially lower than the internal budget related to the previously announced fiscal year 2022 Adjusted EBITDA guidance.
- The company also expects to have a net loss in the period ending June 30, 2022 since profitability was negatively impacted by significant currency devaluations within the quarter, higher costs, and lower margin country.
- Weber's Q3 2022 earnings call is scheduled for Aug 15, 2022.
- WEBR shares are down 21% at the current pixel time premarket to trade at $5.90.
- Earlier: Shares of heavily-shorted Weber heat up on Thursday
For further details see:
Weber tumbles on guidance withdrawal, CEO exit and Q3 prelim below consensus