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Mar 31, 2023
Traeger Q1 2023 Earnings Report
Traeger's financial performance was announced for Q1 2023, with revenue declining but adjusted EBITDA exceeding expectations.
Key Takeaways
Traeger reported a decrease in total revenues by 31.5% to $153.2 million compared to the previous year. Net income was $8.0 million, or $0.07 per share, while adjusted EBITDA was $21.9 million, exceeding the high end of the guidance range. The company is reiterating its full year fiscal 2023 guidance.
Total revenues decreased by 31.5% to $153.2 million.
Gross profit margin decreased by 80 basis points to 36.2%.
Net income was $8.0 million, or $0.07 per share.
Adjusted EBITDA was $21.9 million, exceeding guidance.
Traeger
Traeger
Traeger Revenue by Segment
Revenue by Segment
Grills Revenue
CapyFin.comConsumables Revenue
CapyFin.comAccessories Revenue
CapyFin.com Forward Guidance
The Company is reiterating its prior guidance for Fiscal 2023. The Company's outlook reflects macroeconomic uncertainty and the expected negative impact of the continued normalization of grill channel inventory in the first half of 2023, as well as the benefit of expected growth in gross margin and ongoing expense control.
Positive Outlook
- Total revenue is expected to be between $560 million and $590 million
- Gross margin is expected to be between 36% and 37%
- Adjusted EBITDA is expected to be between $45 million and $55 million
Challenges Ahead
- Macroeconomic uncertainty
- Normalization of grill channel inventory in the first half of 2023
Revenue & Expenses
Visualization of income flow from segment revenue to net income