Weber’s stock set to bounce back above IPO price after sales rise to another record, but miss expectations

Shares of Weber Inc.
WEBR,
-5.95%
rose 1.3% in premarket trading Wednesday, to put them on track to bounce back above the $14 mark, which is where the outdoor grill maker’s initial public offering priced, after the company reported fiscal third-quarter sales that rose to another record, but came up a bit short of expectations. Net income for the quarter to June 30 fell to $17.7 million, or $32.84 a share, from $78.7 million, or $142.69 a share, in the year-ago period. Sales grew 19.3% to $668.9 million, a fifth straight quarterly record, but was below the FactSet consensus of $669.2 million. For 2021, the company expects sales of $1.96 billion to $1.97 billion, compared with the FactSet consensus of $1.96 billion. “During the third quarter, we continued to experience record levels of demand for Weber® grills and accessories across every product fuel type in our portfolio and every region globally,” said Chief Executive Chris Scherzinger. “We see ongoing resilience in the outdoor cooking category and continued market share growth for Weber.” The stock, which went public on Aug. 5, had tumbled 17.6% amid a six-day losing streak to close Tuesday at $13.92, the first close below the IPO price. Over the same time, the Renaissance IPO ETF
IPO,
-0.27%


has slipped 1.6% and the S&P 500
SPX,
-0.57%
has lost 2.0%.