shares of weber inc soared in active trading monday after the outdoor grill maker announced a plan to cut costs and preserve liquidity as rising inflation and supply chain disruptions have led to slower retail traffic and yet another widerthanexpected loss the stock webr shot up as much as 212 in intraday trading before paring gains to be up 75 in midday trading trading volume swelled to 27 million shares compared with the fullday average over the past 30 days of about 568400 shares the stock has now gained 198 since closing at a record low of 621 on aug 1 but was still trading 469 below its initial public offering price of 14 the company reported before monday’s open that it swung to a fiscal thirdquarter net loss for the quarter to june 30 of 75 million or 41 cents a share from net income of 178 million in the same period a year ago there are no pershare results available last year since the company went public in august 2021 the losses were much wider than the average analyst pershare loss estimate of 7 cents according to factset that was the thirdstraight quarter that weber has reported a widerthananticipated loss sales fell 211 to 5279 million which topped the factset consensus of 5262 million meanwhile costs of goods sold cogs increased 12 to 3743 million as gross margin contracted to 291 from 447 in late july weber warned that thirdquarter sales would fall into the 525 millionto530 million range which was below expectations at that time of 5327 million because of pressures from inflation rising fuel prices and supplychain challenges the company also announced at that time that thenchief executive chris scherzinger was leaving company weber said when it issued its sales warning that it was pursuing a number of financial transformation initiatives that included the suspension of its quarterly dividend and may include workforce cuts on monday the company said it initiated the plan which it believes will provide a “cash benefit” of at least 110 million in fiscal 2023 with a “runrate benefit” beyond that here are the core components of the plan   a dividend suspension the company has spent about 64 million on dividend payments over the past nine months with the last quarterly dividend of 4 cents a share paid out on june 17   a “focused” reduction of cogs and selling general and administrative sga expenses   a reduction in workforce that removes management layers in the organization   the tightening of global inventory levels and working capital positions “our thirdquarter performance reflects the margin pressures we are experiencing as a result of global headwinds in our current operating environment” interim chief executive alan matula said “to strengthen our financial position for fiscal year 2023 and beyond we are introducing a comprehensive cash flow and cost management plan which will position weber to enhance its leadership position in a dynamic outdoor cooking market” the company said it planned to cut capital expenditures which should save at least 30 million in fiscal 2023 and its workforce reduction is expected to save at least 20 million next year to ease supply chain constraints the company has implemented a “make where we sell” strategy which should cut manufacturing and transportation costs improve customer service and diversify its global manufacturing footprint weber’s stock has tumbled 425 year to date while shares of fellow grill maker traeger inc cook  which went public a week before weber has plunged 692 in comparison the sp 500 index spx has lost 99 this year don’t miss grill companies weber and traeger went public during bbq season data shows one has the financial edge