When Beyond Meat Inc. (NASDAQ: BYND) reported its most recent quarterly results after the markets closed on Monday, the faux meat firm posted a net loss of $0.28 per share and $94.4 million in revenue. The consensus estimates had called for $0.05 in earnings per share (EPS) and revenue of $132.18 million. The third quarter of last year reportedly had EPS of $0.06 on $91.96 million in revenue.
During the latest quarter, net revenues increased by 2.7% year over year. Growth in net revenues was primarily due to increased retail channel sales, largely offset by a decline in foodservice channel sales due to the continued impact of COVID-19 on foodservice demand levels.
In terms of the breakdown, Beyond Meat’s Retail segment revenue increased 38.8% year over year to $70.03 million, and the Restaurant and Foodservice segment revenue decreased by 41.2% to $24.40 million.
Beyond Meat still has suspended its outlook for the 2020 full year. The firm said that this ongoing evolution in consumer demand patterns across retail and foodservice channels has added a higher degree of uncertainty to the company’s ability to forecast demand beyond a limited timeframe. Consensus analyst estimates call for $0.13 in earnings per share and $479.77 million in revenue for the year.
On the books, Beyond Meat’s cash and cash equivalents totaled $214.6 million at the end of the quarter, with total outstanding debt of $50.0 million.
Beyond Meat stock traded down about 21% to $118.69 early Tuesday, in a 52-week range of $48.18 to $197.50. The consensus price target is $129.21.
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