Beyond Meat reported a loss per share of 31 cents during the second quarter of 2021 against an estimated loss per share of 24 cents according to Refinitiv.
Beyond Meat Inc (NASDAQ: BYND) stock fell as much as 4.45% to trade around $116.40 during Thursday’s extended trading session. The dip has been directly attributed to mixed second-quarter earnings, whereby the company reported a wider than expected loss. However, Beyond Meat beat analysts’ expectations in revenue during the second quarter.
Notably, Beyond Meat reported a loss per share of 31 cents during the second quarter of 2021 against an estimated loss per share of 24 cents according to Refinitiv. During the second quarter, the plant-based meat company reported a revenue of $149.4 million against an estimate of $140.8 million.
According to the earnings report, the company noted its loss during the second quarter came in at $19.7 million, or rather 31 cents per share as the company has 63.06 million outstanding shares.
The gross profit for the second quarter was $47.4 million that reciprocates to a gross margin of 31.7% of net revenues. As for the adjusted EBITDA, the company reported a loss of $2.2 million, or rather -1.5% of net revenues.
Beyond Meat President and CEO Ethan Brown commented:
“We are pleased to report record net revenues and the return to growth in foodservice as our customers welcomed consumers back to their venues. We are also proud of our retail performance, where we drove year-over-year growth despite last year’s demand surge driven by consumer panic-buying.”
Beyond Meat Stock and Third Quarter Outlook
Beyond meat stock has suffered notable loss during the Covid outbreak. According to market analytics provided by MarketWatch, BYND stock has dropped approximately 7.37%, and 2.54% in the past year and seven months respectively through Thursday. However, BYND shares are up approximately 10% in the past three months.
In a bid to bolster its stock market, Beyond Meat has ventured into other products and now into global markets. “We continue to make substantial investments in our long-term growth here in the US and abroad, maintaining our focus on building innovation, production, and team capabilities for the future. We are thrilled with the response to our new Beyond Chicken product and the continued accolades we are receiving for our latest iteration of the Beyond Burger,” Brown explained in the earnings report.
Forward, the company expects to report revenue of between $120 million and $140 million during the third quarter. Should the company hit its estimate, it would then have seen a rise of 27% to 48% in comparison to last year’s third quarter. The company, however, said that the level of uncertainty presented by the Covid pandemic remains a huge hunderance.