By Sam Boughedda
Investing.com -- Shares of fitness equipment company Nautilus Group Inc (NYSE:NLS) have plunged more than 18% in extended trading on Monday after the company reported fourth-quarter earnings after the bell, missing revenue expectations.
Nautilus posted a loss per share of $0.58 on revenue of $119.72 million. Analysts polled by Investing.com expected a loss per share of $0.58 on revenue of $121.57 million.
Revenue declined 41.9% versus last year, with the company saying it saw lower demand for its cardio products, which was partially offset by robust sales of SelectTech weights and benches.
The company's gross profit margins were 17.5% compared to 38.4% last year. The decrease was put down to increased product costs, logistics, and discounting.
“We continue to successfully execute on our multi-year plan of transforming Nautilus into a leading digitally enabled at-home fitness company. Fiscal year and fourth quarter performance was strong. Our strategic decision to pull forward key technology and marketing investments is paying off, as we have increased JRNY® members to over 325,000 at year-end, exceeding our initial expectations by 30%,” said Jim Barr, Nautilus, Inc. Chief Executive Officer.
Nautilus expects fiscal first quarter 2023 sales to be between $45 million and $55 million, with full-year revenue between $380 million and $460 million.