Beyond Meat posts wider loss, but shares rise after company strikes deal with McDonald’s, Yum
Beyond Meat “Beyond Burger” patties made from plant-based substitutes for meat products sit on a shelf for sale in New York City.
Angela Weiss | AFP | Getty Images
Beyond Meat on Thursday reported a bigger-than-expected quarterly loss as the costs of global expansion and weak restaurant sales weighed on the business.
The company separately announced that it has struck deals with fast-food giants McDonald’s and Yum Brands.
Shares of the company initially fell 6% in extended trading before turning positive. Shares were recently up 7%.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Loss per share: 34 cents adjusted vs. 13 cents expected
- Revenue: $101.9 million vs. $103.2 million expected
The company reported its fiscal fourth-quarter net loss of $25.1 million, or 40 cents per share, widened to a loss of $452,000, or 1 cent per share, a year earlier.
Excluding expenses attributed to the pandemic, Beyond lost 34 cents per share, wider than the loss of 13 cents per share expected by analysts surveyed by Refinitiv.
Net sales rose 3.5% to $101.9 million, missing expectations of $103.2 million.
