Traeger Q1 2024 Earnings Report
Key Takeaways
Traeger's first quarter 2024 results showed a revenue decrease of 5.4% to $144.9 million, but gross margin increased to 43.2%. The company reported a net loss of $4.7 million, or $0.04 per share, and an adjusted EBITDA of $24.4 million, up 11.2% compared to the prior year. Traeger reiterated its full year 2024 guidance.
Total revenues decreased 5.4% to $144.9 million, at the higher-end of guidance.
Gross margin of 43.2%, up 700 basis points compared to prior year.
Net loss of $4.7 million; net loss of $0.04 per share.
Adjusted EBITDA of $24.4 million, up 11.2% compared to prior year.
Traeger
Traeger
Traeger Revenue by Segment
Forward Guidance
The Company is reiterating its prior guidance for Fiscal 2024. Total revenue is expected to be between $580 million and $605 million. Gross margin is expected to be between 39% and 40%. Adjusted EBITDA is expected to be between $62 million and $71 million.
Positive Outlook
- Total revenue is expected to be between $580 million and $605 million
- Gross margin is expected to be between 39% and 40%
- Adjusted EBITDA is expected to be between $62 million and $71 million
- Expectation for continued softness in grill industry demand in 2024
- Expectation for significant improvement in gross margin, driven by lower transportation costs and the benefit of margin enhancement initiatives
Revenue & Expenses
Visualization of income flow from segment revenue to net income