Plant-based meat maker Beyond Meat said Thursday that its revenue jumped 32% in the second quarter as demand from restaurants returned.
But the company’s shares dropped after it forecast lower-than-expected third-quarter sales. Beyond Meat said uncertainty about the coronavirus is among the things weighing on its sales projections.
Beyond Meat’s U.S. food-service sales more than tripled in the April-June period as more dining rooms reopened and people ate out. TGI Fridays, Dunkin’ and Del Taco are among the chains that carry Beyond Meat products.
|BYND||BEYOND MEAT, INC.||112.95||+4.70||+4.34%|
But Beyond Meat’s U.S. retail demand fell 14%, reflecting a drop from 2020′s pandemic stockpiling.
International revenue more than doubled to $48 million on stronger retail and food-service sales.
El Segundo, California-based Beyond Meat reported $149.4 million in revenue for the second quarter, beating Wall Street’s forecast of $141 million, according to analysts polled by FactSet.
The company reported a net loss of $19.7 million, or 31 cents per share. That was a bigger loss than the 23 cents analysts had forecast.
Beyond Meat’s shares dropped 4% to $117.05 in after-hours trading.