Beyond Meat had warned that its third quarter financial results would be below expectations, but the reality ended up being even worse.
Net revenues came in at $106.4 million for the period, in line with the company's October downbeat guidance, and gross profit was $23 million. However, the net loss was $54.8 million, or 87 cents per share, for a net loss as a percentage of net revenues at -51.5%. The result was well below last year's performance for the same period, which was a net loss of $19.3 million, or 31 cents per share. A consensus of analysts' expectations was a loss of 39 cents per share for the third quarter in 2021.
Beyond Meat President and CEO Ethan Brown said in a release, "Our third quarter results reflect variability as we saw a decline from record net revenues just a quarter ago. Despite current disruptions, we remain focused on rapidly advancing key building blocks of long-term growth. Whether scaling products and infrastructure for our strategic quick serve restaurant partners, bringing new product to retail markets, or investing in innovation, commercialization and production capabilities here in the U.S., EU, and China, we believe we are steadily executing against our vision of being tomorrow’s global protein company."
Analyst Ken Goldman with J.P. Morgan was unimpressed.
"Our take: Negative. 3Q sales of $106.4 [million] had been pre-announced; however, nothing else was known to investors, including that the gross margin would miss by over 800 basis points. Guidance for 4Q21 revenue came in at $85 [million] to $110 [million] versus consensus of $132 [million]. We remain concerned about velocity growth (or the lack thereof)," he wrote in a note to investors.
Although Beyond Meat's report came out after trading had stopped in the U.S., after-hours trading globally saw the value of the company's stock drop to its lowest point year-to-date, trading under $80 per share in the late afternoon on Wednesday.
Par : Lisa Keefe (10/11/2021)
Source : alt-meat.net
Photo : Beyond Meat (tirée de l'article de Food Dive : Beyond Meat shares tumble after company reports lower-than-expected revenues)