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Grill Maker Weber Stock Higher After Sales Increase, Outlook

Weber shares rose after the storied grill maker predicted a full-year sales increase of up to 29%.
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Weber  (WEBR) - Get WEBER, INC. Report shares on Wednesday rose after the storied grill maker reported a 19% revenue gain for its latest quarter and predicted a full-year sales increase of up to 29%.

For the fiscal 2021 third quarter ended June 30, the Palatine, Ill., company earned $32.84 a share, down from $142.69 a share in the year-earlier quarter.

Revenue of $669 million was up from $561 million a year earlier. 

The 19% increase represented the fifth straight year-over-year record for the company. 

Weber projects sales will total $1.96 billion to $1.97 billion for the full fiscal year, about the same as analysts’ forecasts.

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Weber recently traded at $14.27, up 2.5%. It has slid 12% from the close on its first day of trading Aug. 5. Its IPO price was $14.

Adjusted Ebitda rose 10% in the latest quarter to $134 million. The company forecast adjusted Ebitda of $305 million to $310 million for the full fiscal year, up 35% to 37% from a year ago.

Demand for Weber grills and accessories continued sharp "across every product fuel type in our portfolio and every region globally,” Chief Executive Chris Scherzinger said in a statement.

“We see ongoing resilience in the outdoor cooking category and continued market share growth for Weber.”

In addition, adjusted Ebitda grew "in the face of industrywide cost and logistics headwinds," the executive said.

He attributed the rise to Weber's supply-chain management and multicontinent manufacturing footprint, "particularly with our U.S. manufacturing operations here in Chicago,” he said.