Beyond Meat (BYND) - Get Report missed analyst expectations for its fourth-quarter results, but said it had reached development deals with McDonald's (MCD) - Get Report and Yum Brands (YUM) - Get Report after the bell Thursday.
The company posted a loss of $25.08 million, or 40 cents a share, in the fourth quarter, widening from $452,000, or 1 cent a share, a year earlier. The analyst consensus called for a 14-cent loss in the latest quarter.
Revenue registered $101.94 million in the quarter, up 3.5% from $98.479 million last year. The FactSet analyst consensus called for revenue of $103.6 million in the latest quarter.
Separately from the financial results, Beyond Meat said it had reached a multi-year deal with McDonald's to be the preferred supplier for the McPlant, a plant-based burger currently being tested in some McDonald's markets. It also reached a strategic deal with Yum Brands -- parent of Kentucky Fried Chicken, Pizza Hut and Taco Bell -- "to co-create and offer craveable and innovative plant-based protein menu items," according to a statement.
Last month, Beyond Meat announced a partnership with Pepsi.
Shares of Beyond Meat briefly surged in after-hours trading before falling back and turning lower. The stock was off 3.4% to $138.76 recently. In the regular session shares fell $8.30, or 5.5%, to $143.75.
In January, Piper Sandler downgraded the stock to neutral amid concern about retail demand.
“I am proud of our 2020 achievements in light of the significant challenges we faced, primarily in our foodservice channel, as a result of the COVID-19 pandemic,” Chief Executive Ethan Brown said in a statement.
“For the full year, we grew total net revenues 37%, with sales to retail customers more than doubling versus the prior year. Although weakened foodservice demand resulting from the global pandemic has impacted our near-term profitability, we continue to press forward with strategic investments in service of our future growth.”