Beyond Meat's loss nearly tripled. After the report, the shares fell by 19%

Beyond Meat's loss nearly tripled. After the report, the shares fell by 19%

Artificial meat maker Beyond Meat reports rising third-quarter 2021 losses, also gave a weak outlook for the fourth quarter. On the postmarket, the company's shares fell by 19%, to 77 $.

Beyond Meat almost triples its quarterly net loss year-over-year, with 19 up to $ 55 million. Loss per share was more than analysts expected: 87 against 39 Cents.

According to the company, the cost of transporting and storing goods has increased dramatically. As a result, gross margin fell from 27 to 22%. And the result was affected by unforeseen operational problems.. For example, one of the factories lost drinking water for two weeks. And other products were flooded with water during adverse weather.

Compared to last year, revenue increased by 13%, up to 106 million dollars. Overseas sales increased by 142%, up to 39 million: one of the clients, whose name the company does not name, increased order.

Here are the sales in the US, in Beyond Meat's main market, fell on 14%, up to 67 million. As the company said, demand for products has decreased - and in retail, and in catering. Restaurants, despite the restoration of client traffic, until they want to order more.

Beyond Meat expects, that uncertainty and disruptions in the supply chain, caused by the pandemic, will continue to affect financial results. According to company forecasts, in the fourth quarter, revenue will be 85-110 million dollars. Analyst expectations - 132 million.

Since the beginning of the year, given the recent drop, Beyond Meat shares have dropped by 39%.

US revenue, million dollars

Retail 52,4 (−16%)
Public catering 15,1 (−7%)
Total 67,5 (−14%)

52,4 (−16%)

Revenue in other countries, million dollars

Retail 21,4 (+168%)
Public catering 17,5 (117%)
Total 38,9 (+142%)

21,4 (+168%)

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