Unlike Traeger (NYSE: COOK), who beat earnings for the first quarter, Weber (NYSE: WEBR) posted disappointing earnings for their fiscal 2nd quarter of 2022. Weber missed analyst estimates on both revenue and EPS. They had net sales of $607 million and adjusted EBITDA of $86 million.
Our second-quarter results reflect our proactive responses to supply chain and material cost inflation, which helped drive higher sequential gross margin and adjusted EBITDA margin versus the prior quarter. Weber has operated through many environments over the last 70 years and remains well-positioned to navigate near-term market challenges to drive long-term growth and value creation for shareholders.Chris Scherzinger, Chief Executive Officer of Weber
In addition to posting disappointing disappointing earnings on the quarter, they also lowered their fiscal 2022 guidance, which ends September 30, 2022. Net sales are expected to be in the range of $1.65 billion to $1.90 and adjusted EBITDA is expected to be between $140 million and $180 million.
As the clear category leader around the world, we continue to make excellent progress against our key strategic priorities, including introducing three new product lines this spring that fuse the best in smart grilling technology, the highest-quality materials, and superior performance to transform the outdoor cooking experience for Weber owners. I would like to thank our team members for their continued resilience and commitment to our consumers.Chris Scherzinger, Chief Executive Officer of Weber
On the call Weber noted that they ended Russia operations, which resulted in an estimated $25 million loss in revenue. They also announced that the plant in Poland that began producing two product lines last fall for distribution in Europe, has been very successful. As a result, they are going to expand it, doubling its capacity and increasing the number of product lines produced there. This will allow it service different geographies, including North America in early 2023.
As announced on May 11, 2022, Weber declared a cash dividend of $0.04 per share on June 17, 2022 to stockholders as of the close of business on June 7, 2022.