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Mar 31, 2024
Traeger Q1 2024 Earnings Report
Traeger reported revenue and Adjusted EBITDA at the high-end of guidance, with the highest quarterly gross margin since becoming a public company.
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
Revenue by Segment
Grills Revenue
CapyFin.comConsumables Revenue
CapyFin.comAccessories Revenue
CapyFin.com 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