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Beyond Meat Reports Mixed Second-Quarter Results

Shares of El Segundo-based Beyond Meat Inc. dipped 5% in after-hours trading as the company reported mixed results for the second quarter that ended July 3.

The maker of plant-based meat substitutes posted record net revenue of $149.4 million, a 31.8% jump year over year. It also reported widening losses to $19.7 million, or 31cents a share, compared to a net loss of $10.1 million or 16 cents per share from the second quarter in 2020. Analysts expected a loss of about 23 cents a share on net revenue of $142.6 million.


Beyond Meat attributed the uptick in revenue to an increase in foodservice channel sales — purchases at restaurants, fast-food chains, hotels, bars and pubs — “reflecting recovery from significantly reduced demand levels in the year-ago period brought on by the Covid-19 pandemic,” according to the company.


Beyond Meat revenue from the U.S. market added up to $101 million, a 4.8% uptick from the second quarter of 2020 while foodservice revenue for the region rebounded 269.4% to $23.9 million. Retail sales, which include grocery stores and the company’s ecommerce sector, dipped 14.3% to $77.1 million, following consumer stockpiling at the onset of the pandemic last year.

 
“We continue to expect year-over-year growth within our foodservice business in the near term, albeit at a more moderate rate as we lap tougher year-ago comps and expect pipeline restocking to subside,” Chief Executive Ethan Brown said during an Aug. 5 earnings call. 

Mediha DiMartino
Mediha DiMartino
Mediha DiMartino covers retail, manufacturing and the ports. She can be emailed here.
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