Shares of Beyond Meat Inc (NASDAQ:BYND) are trading lower on Thursday following the release of the company’s second-quarter financial results.
- Beyond Meat stock is among today’s weakest performers. What’s behind BYND decline?
Beyond Meat Q2 Earnings Breakdown
The plant-based protein maker reported net revenues of $68.8 million, down 8.2% year-over-year, but ahead of Wall Street estimates of $62.4 million. Despite the top-line beat, the company posted an adjusted loss of 9 cents per share, missing consensus estimates by a 1 cent.
Beyond Meat recorded net income of $16.4 million, up from a net loss of $31.8 million a year ago, primarily boosted by a $57.7 million non-cash gain on debt extinguishment.
The company faced ongoing demand headwinds in domestic channels, with U.S. retail revenues falling 9.9% and U.S. foodservice dropping 27.6%. However, international retail provided a bright spot, surging 16.5% to $18.5 million.
Looking ahead, management expects third-quarter net revenues to land between $60 million and $65 million amid continued operating environment volatility.
Beyond Meat CEO on Growth Strategy
Commenting on the results, Beyond Meat president and CEO Ethan Brown noted that the quarter reflects “directional progress, with net revenues, gross margin and operating expenses all sequentially improving.”
Brown highlighted ongoing efforts to stabilize the core business while repositioning as Beyond The Plant Protein Company to capture growth in adjacent categories, including the launch of Beyond Immerse.
BYND Shares Slide Thursday Morning
BYND Price Action: Beyond Meat shares were down 11.47% at 54 cents at the time of publication on Thursday. The stock is trading near its 52-week low of 50 cents, according to Benzinga Pro data.
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