Beyond Meat expenses surge as manufacturing ramps up; shares fall

This post was originally published on this site

https://i-invdn-com.akamaized.net/trkd-images/LYNXMPEF9R1KY_L.jpg
© Reuters. FILE PHOTO: The company logo and trading information for Beyond Meat is displayed on a screen during the IPO at the Nasdaq Market site in New York© Reuters. FILE PHOTO: The company logo and trading information for Beyond Meat is displayed on a screen during the IPO at the Nasdaq Market site in New York

(Reuters) – Beyond Meat (NASDAQ:) Inc’s expenses more than doubled in the third quarter as the vegan burger maker ramped up manufacturing to meet booming demand for plant-based proteins.

The company’s shares fell 8% in after-market trading as the surge in expenses overshadowed a beat on quarterly revenue and a raised forecast for full-year sales.

Operating expenses surged 124% to $29 million in the three months ended Sept. 28. It also represented a 42% jump from the second quarter.

The California-based company raised its full-year net revenue forecast for the second time to $265 million to $275 million. It had previously forecast net revenue to exceed $240 million.

Consumers looking to switch to healthier diets have fueled demand for faux meat alternatives, prompting restaurants like Carl’s Jr and Yum Brands’ KFC to rush to get Beyond Meat’s products on their menus.

Net revenue rose 250% in the third quarter to $91.96 million, above Wall Street’s estimate of $82.2 million, according to Refinitiv IBES data.

The company’s shares have gained over four-fold in value since their May initial public offering price. The IPO share lockup period expires on Tuesday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment