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Plant-based meat maker Beyond Meat said on Thursday its revenue jumped 32% in the second quarter on the back of restaurant demand.
But the company’s shares fell after forecasting lower than expected sales in the third quarter. Beyond Meat said uncertainty over the coronavirus was among the things weighing on its sales forecast.
Beyond Meat’s foodservice sales in the United States more than tripled in the April-June period, as more dining rooms reopened and people ate in restaurants. TGI Fridays, Dunkin ‘and Del Taco are among the chains that offer Beyond Meat products.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| PARND | BEYOND MEAT, INC. | 121.82 | -0.98 | -0.80% |
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But retail demand for Beyond Meat in the United States fell 14%, reflecting a drop from pandemic stocks in 2020.
International revenue more than doubled to $ 48 million thanks to increased retail sales and foodservice.
Plant-based meat maker Beyond Meat said on Thursday its revenue jumped 32% in the second quarter on the back of restaurant demand. (Beyond meat)
Beyond Meat, based in El Segundo, Calif., Reported second-quarter revenue of $ 149.4 million, beating Wall Street’s forecast of $ 141 million, according to analysts polled by FactSet.
The company reported a net loss of $ 19.7 million, or 31 cents per share. It was a larger loss than analysts of 23 cents had expected.
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For the third quarter, Beyond Meat said it expects net sales in the range of $ 120 million to $ 140 million as restaurant restocking slows down. It is below the 153 million dollars that Wall Street had planned.
Shares of Beyond Meat fell 4% to $ 117.05 in after-hours trading.
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