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Weber Grills (NYSE: WEBR) reported a Q1 loss of $0.19 a share today, missing analysts estimates for the quarter. In the press release, CEO Chris Scherzinger noted “Like many organizations, our results were affected by acute supply chain challenges and dramatic inflationary headwinds in raw materials, inbound freight, and foreign exchange dynamics. However, Weber has a remarkable history of resilience in challenging economic periods like these, and we continue to take decisive productivity and pricing actions to mitigate these headwinds with agility and a category leadership mindset.” Weber wouldn’t be the only grill company to talk about supply chain headwinds this earnings season, as that was a theme with Traeger grills earnings as well.
Chris Scherzinger continued that Weber is making progress towards its five key strategies for long-term profitable growth. He also noted his excitement for their product innovation and new products in the 2022 season.
Weber reiterated their guidance for 2022 with net sales growth to be in the range of 6% to 8% above 2021 fiscal year end, excluding a 1% to 2% forecasted negative impact from foreign currency translation. Adjusted EBITDA will be between $275 million and $325 million in view of the unprecedented cost challenges.