Beyond Meat, a plant-based meat maker, reported lower-than-expected third-quarter sales due to sluggish demand in the United States.
July-September sales were up 12.7% to $ 106.4 million, according to Beyond Meat. This was lower than Wall Street’s estimate of $ 109 million, according to analysts surveyed by FactSet.
The company’s stake, which is based in El Segundo, California, fell 18% in overtime trading.
International revenue surged 142% as Beyond Meat expanded in China and Europe. However, US earnings fell 14%. Retail sales to consumers in the United States fell by nearly 16%, while sales in the food service industry fell by 7%.
Even when the company launched a new product, plant-based chicken tenders, a slowdown occurred. Bids have been available at 400 US restaurants since July.
Beyond Meat lowered its quarterly sales outlook at the end of last month. According to the company, Delta Variant has reduced demand for restaurants and delayed the planned distribution expansion of grocery store labor shortages.
Beyond Meat, based in El Segundo, California, also said bad weather had affected one of its manufacturing facilities in Pennsylvania, shutting off water for two weeks.
The company reported a net loss of $ 54.8 million, or 87 cents per share. It also fell short of analysts’ expectations of a loss of 37 cents.
Beyond Meat’s third-quarter sales are deficient due to declining demand in the United States
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