Traeger shares are up 61% after profitable second quarter gross sales

Written by Chris Stroll

Shares of Traeger rose 61% to $6.65 after the corporate reported second-quarter income that beat analyst expectations.

The corporate, which makes wooden pellet grills, had quarterly income of $171.5 million, in comparison with $200.3 million in the identical quarter final yr. Analysts polled by FactSet have been in search of income of $154.9 million.

The corporate posted a lack of $32.9 million, or 27 cents, within the first quarter, in comparison with final yr’s lack of $133.1 million, or $1.13 per share. Analysts have been in search of a lack of $10.7 million, or 13 cents a share.

For the 2023 fiscal yr, the corporate expects income between $585 million and $600 million, whereas analysts projected income of $595.7 million for the yr.

Stock on the finish of the second quarter amounted to $97.8 million, in comparison with $153.5 million on the finish of the primary quarter.

Telsey Advisory Group upgraded its score on Traeger inventory to Outperform from Market Carry out, and raised its value goal to $6.50 per share from $3.50.

Write to Chris Wack at chris.wack@wsj.com

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