Traeger, Inc. (COOK), a company that offers wood pellets, has plunged 18.18% in the premarket trading session. Consequently, COOK stock was trading at $7.20 when last checked. During Wednesday’s regular trading session, the stock declined by 4.56% to close the day at $8.80. The stock price started to decline following the announcement of financial results as the company provided a weaker outlook for the upcoming year, causing a huge volume of investors to offer COOK stock for sale.
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Q4 & FY 2021 Results
On Wednesday, after the closure of the market, COOK announced the results for Q4 and FY 2021. The total net revenue generated during the quarter was $174.9 million, an increase of 30.8% on a year-over-year basis. The net loss suffered during the said period was estimated to be $33.7 million, or $0.29 per share. During the full year 2021, total net revenue of $785.5 million was generated, depicting an increase of 43.9% on a year-over-year basis. The net loss suffered during the year was $88.8 million, or $0.79 per share.
Q1 & FY 2022 Guidance
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COOK also announced the guidance for Q1 and FY 2022. The company estimated that the full year 2021 revenue is expected to remain between $800 and $850 million, while the adjusted EBITDA is expected to remain between $70 and $80 million. For the first quarter of 2022, the total revenue is estimated to remain in the range of $208 to $212 million, while the adjusted EBITDA for Q1 2022 is expected to remain between $22 and $24 million.
Comments from COOK CEO
Jeremy Andrus, CEO of COOK, commented that the company is quite pleased with its performance during the fourth quarter. A strong momentum across all of the categories of business is clearly visible. There’s excitement about fiscal 2022 as the company is looking to develop new products across different domains.
What’s Next for COOK?
Looking ahead, analysts are of the view COOK stock holds several inauspicious signals at the moment. Hence, it is expected to perform weakly in the next few weeks. Therefore, analysts are holding a negative evaluation of the stock while waiting for future developments.