WW Q3 Profit Down, Cuts FY Outlook

(RTTNews) - New York-based personal care company, WW International, Inc. (WW), reported a lower net income in the third quarter on Thursday, as revenues dropped. Moving ahead, the company also reduced its full-year guidance. ]Net income reported by the company was $46.30 million or $0.65 earnings per share, dropped from $54.50 million or $0.78 earnings per share last year. On average 7 analysts polled by Thomson Reuters expected the earnings to be $0.73 for the quarter. The drop in earnings was chiefly attributed to restructuring charges. The revenue reported by the company also went down to $936.67 million from $1.05 billion last year. Analysts expected the revenues to be $1.29 billion. The drop in revenue is chiefly due to a 8% drop in subscription revenue. After the results, WW reduced its outlook for the full year. The outlook for earnings is slashed to the range of $0.80 to $0.90 per share from the prior outlook range of $1.10 to $1.25 per share. Analysts expect the earnings to be $1.65 for the full year. The company expects the revenue to be slightly above $1.2 billion. The prior guidance for revenue was close to $1.3 billion. Analyst estimate for revenue is at $1.29 billion. CEO Mindy Grossman said, "We are confident that our powerful program will create excitement amongst new and existing members alike, driving significant member recruitment and accelerating operating and financial performance in 2022."