Beyond Meat Slips To Loss In Q1

(RTTNews) - Beyond Meat Inc. (BYND) reported that its first-quarter net loss was $27.3 million or $0.43 per share compared to net income of $1.8 million or $0.03 per share in the year-ago period. During the first quarter of 2021, net loss included $1.0 million in expenses attributable to the Company's early extinguishment of its revolving credit facility.

During the first quarter of 2020, net income included $1.2 million in expenses attributable to COVID-19, specifically related to product donations tied to the Company's COVID-19 relief campaign.

Excluding the costs, Adjusted net loss was $26.2 million in the first quarter of 2021, or $0.42 per share, compared to adjusted net income of $3.0 million, or $0.05 per share, in the year-ago period.

Net revenues increased 11.4% to $108.2 million in the first quarter of 2021, compared to $97.1 million in the year-ago period. Growth in net revenues was primarily due to increased retail channel sales, partially offset by a decline in foodservice channel sales due to the continued impact of COVID-19 on foodservice demand levels.