There’s nary beauteous mode of putting it: Beyond Meat Inc.’s quarterly results could beryllium described arsenic dormant meat.
The company’s banal BYND, -3.58% was pummeled, falling astir 19% successful extended trading Wednesday, aft it reported a fiscal third-quarter nett nonaccomplishment of $54.8 million, oregon 87 cents a share, compared with a nett nonaccomplishment of $19.3 million, oregon 31 cents a share, successful the year-ago quarter. Adjusting for one-time losses, Beyond reported a nett nonaccomplishment of $36.8 million.
Revenue modestly improved 13% to $106.4 cardinal from $94.4 cardinal a twelvemonth ago.
Analysts polled by FactSet had forecast a nonaccomplishment of 37 cents a stock connected gross of $109.2 million.
“Our third-quarter results bespeak variability arsenic we saw a diminution from grounds nett revenues conscionable a 4th ago,” Beyond Meat Chief Executive Ethan Brown said successful a connection announcing the results. “Near-term marketplace and operating conditions notwithstanding, we stay committed to our semipermanent strategy.”
In a conference call aboriginal with analysts, Brown blamed a “difficult operating environment” connected the COVID Delta variant, labour shortages, and shipping delays. “Quite a fewer disruptions occurred successful the quarter,” said Brown, who vowed to ramp up wellness messaging successful 2022 arsenic much consumers amusement interest astir the climate. Brown repeatedly mentioned record gross of $149.4 cardinal successful the erstwhile quarter.
The gross forecast for the 4th fourth isn’t precisely sizzling, either. Beyond Meat projects betwixt $85 cardinal and $110 million. Analysts polled by FactSet person projected $130.5 million.
Investors had been bracing for the results. Company shares precocious dipped beneath $100 and skidded to a 52-week debased successful trading Oct. 22 aft Beyond warned of little third-quarter gross than antecedently forecast.
Beyond said it expected income of $106 million, beneath its anterior outlook of $120 cardinal to $140 million. Wall Street analysts surveyed by FactSet were anticipating gross of $109.2 cardinal for the quarter. The institution did not merchandise an outlook for its quarterly earnings, but analysts are expecting a nonaccomplishment of 37 cents a share.
Beyond executives past blamed the gross informing connected COVID-19, labour shortages, and operational challenges.
Shares of Beyond Meat shares are down 25% this year, portion the broader S&P 500 scale SPX, -0.82% has gained 23.7%.
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