Beyond Meat Q1 Results Miss Street View; Stock Tanks 21%

(RTTNews) - Shares of Beyond Meat, Inc. (BYND) tanked 21% in extended trading session on Wednesday after the plant-based meat products maker's first-quarter results missed Street estimates.

Beyond Meat reported first-quarter loss of $100.5 million or $1.58 per share, wider than last year's loss of $27.3 million or $0.43 per share in the year-ago period.

On average, 14 analysts polled by Thomson Reuters had expected the company to report a loss of $1.01 per share. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 1.2% to $109.46 million from $108.16 million last year. Analysts had a consensus revenue estimate of $112.4 million for the quarter.

Total volume of products sold increased 12.4%, however, net revenue per pound decreased by 10%, largely due to increased trade discounts, list price reductions in the EU, changes in sales mix, and negative foreign exchange rate impacts.

"Though we recognize that the decisions we are making today in support of our long-run ambition have contributed to challenging near-term results, including a sizable though temporary reduction in gross margin as we took cost-intensive measures to support important strategic launches, we are confident in the future we are building while advancing our mission," Beyond Meat Chief Executive Ethan Brown said in a statement.

Looking forward, the company said its operating environment "continues to be affected by near-term uncertainty related to macroeconomic issues, including inflation and rising interest rates, COVID-19 and its potential impact on consumer behavior and demand levels, labor availability and supply chain disruptions, partially attributable to recent geopolitical tensions."

The company reaffirmed its guidance for the full year 2022. Beyond Meat expects revenues of $560 million to $620 million, an increase of 21% to 33% compared to 2021. Analysts currently estimate revenues of $588.87 million for the year.

BYND closed Wednesday's trading at $26.17, down $4.20 or 13.83%, on the Nasdaq. The stock further tanked $5.68 or 21.70% in after-hours trading.