(Beyond Meat) Shares of Beyond Meat fell more than 18% on Thursday premarket trading after third-quarter net loss widened to $54.8 million from $19.3 million in the prior year.
Depressed demand for meat substitutes in the US and higher costs weighed on the company’s earnings. Up to $9 million was also written off due to water damage at one facility.
Third quarter revenues came at $106.4 million, a jump of 12.7% from the prior year but below expected $109.2 million. US revenues were down 13.9% from last year.
Beyond Meat now forecasts sales of between $85 million and $110 million in the fourth quarter, below analysts projected $131.6 million.
The company foresees distribution problems and the impacts of the delta variant in the fourth quarter but remains optimistic about the coming year, with new products lined up.
BYND: NASDAQ is down -18.61% on premarket.
