Beyond Meat On Thursday, we reported wider losses than expected as higher costs and investments in the business weighed on profit margins.
The company also cautioned in the second half of this year, citing a variant of Deltacovid.
The company’s stock fell more than 4% in overtime trading.
Based on an analyst survey by Refinitiv, the company reported:
- Loss per share: 31 cents vs. 24 cents forecast
- Revenue: Forecast of $ 149.4 million vs. $ 140.8 million
Beyond said in the second quarter that net losses increased from $ 10.2 million (16 cents per share) in the year-ago quarter to $ 19.7 million (31 cents per share). Analysts surveyed by Refinitiv expected losses per share to be only 24 cents.
According to the company, losses have accelerated due to investments made to support expansion efforts such as increasing the number of employees and spending on marketing, and rising fares.
Net sales increased 31.8% to $ 149.4 million, exceeding the expected $ 140.8 million.
In the United States, which accounts for two-thirds of Beyond’s revenues, food demand has declined as consumers face a harsh comparison to a year ago when they faced a blockade and stockpiled food. Grocery stores still account for about three-quarters of Beyond’s US sales.
US food service sales have more than tripled compared to a year ago as Diner returned to restaurants. However, the company said the number of Dunkin locations carrying Beyond Sausage has dropped significantly. CEO Ethan Brown said the company is still working with Dunkin on the new product and is distributing sausage alternatives to locations in the western United States.
Outside the United States, sales have more than doubled in both the grocery and food service industries. The company is looking to Europe and China as an important part of its plans to become a global supplier of meat substitutes and has invested in expanding production capacity in these regions. Beyond launched the first meatballs in Europe this quarter.
Beyond said it expects revenues of $ 120- $ 140 million for the third quarter, below Wall Street’s estimate of $ 153.3 million. According to the company, food service sales growth is expected to slow as restaurants and cafeterias replenish bare refrigerators and freezers in the second quarter.
Brown told analysts that the rise of Delta variants and the lack of ambitious workers have made some restaurants more conservative in terms of order volume. He also said labor issues delayed at least one of the postponed start of food services early next year.
NS Delta variant Became The dominant form of Covid In the United States Soaring new cases in recent weeksEspecially in areas where vaccination rates are low. Many restaurant companies have stated that they haven’t seen a significant impact on sales so far, but some regions are beginning to impose restrictions.For example, New York City Vaccination certification required for some indoor activitiesIt can adversely affect restaurant sales, such as in-store meals.
“We are optimistic about the outlook,” Brown said in a statement. “However, given the recent increase in Covid-19 cases that can disrupt demand patterns, we believe it is generally appropriate to pay attention to this year’s balance.”
Beyond Meat (BYND) Second Quarter 2021 Revenue
Source link Beyond Meat (BYND) Second Quarter 2021 Revenue