Aug 5 (Reuters) – Faux meat-products maker Beyond Meat forecast third-quarter revenue above Wall Street estimates on Wednesday, as resilient demand in its international segment helped counter declining U.S. sales.
Here are the details:
• Beyond Meat, which struggled to revive the initial enthusiasm for its plant-based products, has been rolling out new products such as Beyond Immerse protein drinks to drum up demand.
• The company expects third-quarter revenue of $60 million to $65 million, the midpoint of which is above analysts’ average estimate of $62.2 million, according to data compiled by LSEG.
• Quarterly loss came in at 9 cents per share on an adjusted basis, compared with a loss of 39 cents a year ago.
• Beyond Meat posted revenue of $68.8 million for the second quarter, beating estimates of $62.4 million.
• Sales at its international retail segment rose 16.5% in the quarter ended June 30 from a year ago.
• The company posted a 14.4% fall in its quarterly U.S. sales, hurt by weaker consumer spending and a preference for healthier alternatives.
• Beyond Meat’s shares, which experienced a meme-stock frenzy last year, were down 3% in extended trading following the results.
(Reporting by Koyena Das in Bengaluru; Editing by Shreya Biswas)
