Beyond Meat falls short of Q1 forecasts due to lower prices

Posted 5/6/21

Plant-based meat company Beyond Meat posted a first-quarter loss Thursday after higher sales were offset by marketing costs and lower prices.

The company based in El Segundo, California, reported …

To Our Valued Readers –

Visitors to our website will be limited to five stories per month unless they opt to subscribe.

For $5.99, less than 20 cents a day, subscribers will receive unlimited access to the website, including access to our Daily Independent e-edition, which features Arizona-specific journalism and items you can’t find in our community print products, such as weather reports, comics, crossword puzzles, advice columns and so much more six days a week.

Our commitment to balanced, fair reporting and local coverage provides insight and perspective not found anywhere else.

Your financial commitment will help to preserve the kind of honest journalism produced by our reporters and editors. We trust you agree that independent journalism is an essential component of our democracy. Please click here to subscribe.

Sincerely,
Charlene Bisson, Publisher, Independent Newsmedia

Please log in to continue

Log in
I am anchor

Beyond Meat falls short of Q1 forecasts due to lower prices

Posted

Plant-based meat company Beyond Meat posted a first-quarter loss Thursday after higher sales were offset by marketing costs and lower prices.

The company based in El Segundo, California, reported that its revenue rose 11.4% to $108.2 million in the January-March period. That fell short of Wall Street's forecast of $112.6 million, according to analysts polled by FactSet.

Beyond Meat reported a net loss of $27.3 million, compared to a profit of $1.8 million in the same period a year ago. Adjusted for one-time items, the company lost 42 cents per share. Analysts had expected a loss of 18 cents a share.

Beyond Meat's shares fell more than 6% in after-market trading Thursday.

The company added hot Italian sausage and value burger packs at several hundred Walmart stores in March. It said its retail sales were up 28% during the quarter. But food service sales were down 26%, reflecting lower restaurant demand during the pandemic.

Beyond Meat said retail demand has moderated since the start of the pandemic, when there was a surge in buying for cooking at home. At the same time, food service demand is starting to tick upward as restaurants reopen their dining rooms.

Because post-pandemic patterns are difficult to predict, the company declined to provide financial guidance for the full year. But it said it expects its second-quarter revenue to increase between 19% and 32% to a range of $135 million to $150 million.

Comments