Beyond Meat Incorporate posted net revenue of $94.4 million, up 2.7% year over year, but below the estimated $136 million, according to the company’s press release. Growth in revenues was primarily due to higher retail channel net earnings, which rose 39% year over year. The revenues were offset by ongoing impacts of COVID-19 on foodservice net revenues, which fell 41% year over year.
- Beyond Meat recorded a gross profit of $25.5 million, or a gross margin of 27.0% of net revenues, down from $32.8 million in Q3 2019.
- Adjusted gross profit was $27.3 million, or an adjusted gross margin of 28.9% of net revenues.
- Quarter net incomes were ($19.3 million) or ($0.31) per common share, down from $4.1 million or $0.07 earnings per share.
- Adjusted net income was ($17.5 million), or ($0.28) per common share, down from expected $0.03 EPS.
- The company’s EBITDA was ($4.3 million) or -4.5% of net revenues.
Beyond Meat stock is currently falling. BYND: NASDAQ is down on premarket 21.59%