Beyond Meat Inc (NASDAQ: BYND) stock fell in after-hours trading on Monday, after the maker of vegan meat products announced a secondary offering of 3.25 million shares and posted mixed second-quarter results. The El Segundo, Calif-based company also upped its full-year guidance for 2019.
Beyond Meat Earnings
Beyond Meat said that it was offering 3,000,000 shares from certain selling stockholders of the company and 250,000 shares from the company itself.
The company won’t receive any proceeds from the selling stockholders, though it will receive proceeds from the 250,000 shares it is selling. It expects to use the proceeds for marketing, product and supply expansion, and general working purposes.
Shares ended the regular session down $12.77, or 5.44% to trade at $222.13. The stock, which is still up about 800% since its market debut in May, plunged 12.67% to $193.98 in after-hours trade.
BYND Earnings & Outlook
Beyond Meat had a net loss of $9.4 million, or $0.24 per share for its second-quarter ended June 29, compared with a net loss of $7.4 million, or $1.22 per share in the same period last year. Analysts were expecting the company to report a loss of $0.08 per share in Q2 2019, according to Refinitiv.
Net sales came in at $67.3 million, a 287% increase from net sales of $17.4 million in the earlier-year quarter.
On average, analysts polled by Refinitiv had forecast net sales of $52.7 million. For the full year, Beyond Meat views net sales of $240 million compared with its previous forecast of $210 million.
Beyond Meat CEO Comments
“We are very pleased with our second quarter results which reflect continued strength across our business as evidenced by new foodservice partnerships, expanded distribution in domestic retail channels, and accelerating expansion in our international markets. We believe our positive momentum continues to demonstrate mainstream consumers’ growing desire for plant-based meat products both domestically and abroad,” said Ethan Brown, Beyond Meat’s President and Chief Executive Officer.
“Looking ahead, we will continue to prioritize efforts to increase our brand awareness, expand our distribution channels, launch new innovative products, and invest in our infrastructure and internal capabilities in order to deliver against the robust demand we are seeing across our business,” Brown concluded.
Beyond Meat Inc Profile
Beyond Meat Inc is a food company based in the United States. It offers a portfolio of revolutionary plant-based meats. The company has developed three core plant-based product platforms including beef, pork and poultry. Its flagship product is The Beyond Burger, is designed to look, cook and taste like traditional ground beef.
It generates revenues primarily from sales of its products, including The Beyond Burger, Beyond Sausage, Beyond Chicken and other plant-based meat products. Its customers include mainstream grocery, mass merchandiser and natural retailers, as well as restaurants and other foodservice outlets mainly in the United States. – Warrior Trading News
