After-Hours Alert: Why Traeger Shares Are Getting Smoked

Traeger Inc COOK shares are trading lower in Wednesday's after-hours session after the company reported worse-than-expected financial results and cut full-year guidance. 

Traeger said second-quarter revenue decreased 6% year-over-year to $200.3 million, which missed the estimate of $221.7 million, according to Benzinga Pro. The company reported quarterly earnings of 4 cents per share, which missed the estimate of 5 cents per share.

"In the second quarter, macroeconomic conditions that are pressuring the consumer and changes in spending behavior negatively impacted results. While we had previously considered these factors in our outlook for the year, their impact deepened as we moved through some of our most important selling weeks of the year during the quarter," said Jeremy Andrus, CEO of Traeger.

Traeger lowered its full-year revenue guidance to a range of $640 million to $660 million versus the estimate of $801.6 million.

See Also: Coupang Shares Gain On Q2 Results, Raised FY Guidance

COOK Price Action: Traeger has a 52-week high of $12.37 and a 52-week low of $2.87.

The stock was down 9.75% in after hours at $3.61 at press time.

Photo: Bence Balla-Schottner from Pixabay.