[ad_1]
Shares of meat fell more than 6 percent in Thursday’s U.S. trading on Thursday, as the results showed tougher competition and disappointing progress when the plant-based meat substitute hit restaurant menus.
The company fell deeper than analysts expected in the first quarter, with a net adjusted loss of 42 cents per share more than double the agreed forecast. Figures at the same time last year compared to a net profit of 5 cents per share.
Revenue rose 11 percent to $ 108.2 million, but also lost estimates of $ 113.7 million.
Beyond Meat said it continues to “significantly reduce demand in the food service channel” as consumers stay away from restaurants and restaurant owners to streamline menu offerings or close or cut operations.
At the beginning of the pandemic, the company a jump in revenue they went to the warehouse from retail customers, which helped offset the sharp decline in restaurant sales. However, he said on Thursday that growth in retail demand had “moderated”.
The company’s shares have been under pressure since the beginning of this month after Tyson’s meat processor was launched own supply of meat based on plants.
Beyond the rivals of Meat Impossible Foods, the price war has intensified, reducing the second price in less than 12 months earlier this year and announcing discounts for retail customers.
Impossible Foods increased sales volume and gained market share “largely to the detriment of meat,” said Bernstein’s analyst Alexia Howard.
Beyond Meat, it said gross earnings in the first quarter were $ 32.7 million, a gross margin of 30.2 percent, up from $ 37.7 million and a 38.8 percent difference over the same period last year. He attributed higher transportation and storage costs, among other costs, to increased trade discounts and changes in product sales mix.
It got a lower net price per pound compared to last year because of increased promotions and switched to items for larger packages that had a lower net price per volume.
Since the pandemic began, the company has stopped focusing on profits and revenues, but in the second quarter it forecast a net revenue of between $ 135 million and $ 150 million, an increase of between 19 and 32 percent from 2020 onwards.
[ad_2]
Source link
