Weber

  • Weber, the portable braai/grill company, posted its inaugural quarterly results as a   public company after its initial public offering in the beginning of August.   For the quarter ended June 30 2021, Weber set a fifth straight year-over-year   quarterly sales record.

  • Fiscal third-quarter revenue rose 19% year-over-year to $669 million   - and projected full-year sales to be up between 28% to 29%. Net sales   increased 8% in the Americas for the third quarter, to $339 million. EMEA   sales jumped 35% to $307 million in the period, and the APAC region saw sales   rise 25%, to $23 million from the prior year quarter.

  • Despite distribution, inbound freight, and commodity cost inflation   headwinds, adjusted EBITDA rose 10% to $134 million. Net income decreased   78%, to $18 million, compared to $79 million in the prior year quarter.   Adjusted net income decreased 6% year-over-year, to $85 million.

  • The company had cash and cash equivalents of $146 million and $294   million of available borrowings under its revolving credit facility at the end   of the quarter. Net cash provided by operating activities was $289 million   for the quarter compared to $333 million in the year ago period, with the   decrease driven primarily by normalized inventory levels in 2021 versus low   levels in 2020 during the pandemic.

  • Total debt at the end of the quarter was a hefty $1.24 billion as   Weber continued to invest in strategic investments to accelerate growth via increased new product innovation, expanded digital marketing reach,   accelerated geographic expansion, and amplified direct-to-consumer   initiatives.

  • Weber CEO Chris Scherzinger is predicting more sales success this   fall as gatherings pick up. He said weber is a post-pandemic play because   it’s all about people coming back to parking lots outside of stadiums for football   tailgates, as well as going camping, or even just getting together with   groups at home. For many people, Covid-era flexible work policies, even if   it’s in hybrid form with employees spending a few days in the office and a   few days working at home, are likely to outlast the pandemic. Sherzinger said   this means more grill time at home, on weeknights, versus where we were   pre-pandemic.

Weber