Beyond Meat reports better-than-expected sales despite demand remaining weak
Beyond Meat says its revenue fell nearly 9% in the second quarter on lower demand for its plant-based burgers, chicken and other products
Beyond Meat on Wednesday reported better-than-expected sales in the second quarter despite continuing weak demand for its plant-based burgers, chicken and other products.
The El Segundo, California-based company said its revenue fell nearly 9% to $93.2 million for the April-June period. That was better than the $87.8 million Wall Street anticipated, according to analysts polled by FactSet.
Beyond Meat narrowed its net loss to $34.4 million, or 53 cents per share, from $53.5 million a year ago, as it worked to streamline its operations. That was in line with analysts' forecasts.
It said its net revenue per pound rose 6.1% as it offered fewer discounts and raised prices for some products in the U.S. But its sales volumes fell 14% on weaker retail and food-service demand in the U.S. and international markets.
Beyond Meat has been trying to boost demand with new, healthier products. Earlier this spring, the company introduced Beyond Burger patties and Beyond Beef grounds with 60% less saturated fat than the previous products. A healthier sausage, made with avocado oil, followed in June.
And last month, it debuted Beyond Sun Sausage, a product filled with bell peppers, spinach, lentils and other vegetables and fruits. Unlike previous products, Beyond Meat said the new sausage isn’t intended to replicate meat, but to be a healthier protein option.
Its stock, which has fallen 66% in the past 12 months, jumped 8% in after-market trading following the earnings report.
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