Beyond Meat Stock Gets Seared Despite Third-Quarter-Earnings Beat - TheStreet

Shares of Beyond Meat (BYND) - Get Report are down after hours even after the plant-based-meat maker's third-quarter results beat estimates for the top and bottom lines. 

The El Segundo, Calif., company reported a profit of 6 cents a share on revenue of $92 million. Analysts surveyed by FactSet were expecting earnings of 3 cents a share on revenue of $82.2 million.

Beyond Meat shares have declined in recent weeks after spiking throughout the summer. They topped out at a high near $240 a share in July. The stock is down 32% in October. 

Meanwhile, the company also offered 2019 revenue guidance between $265 million and $275 million, up from its previous guidance of $240 million. Analysts were expecting revenue of $264.4 million. 

The downturn has resulted partly from more competitors entering the space. The stock got a bump earlier this month after Dunkin' Brands (DNKN) - Get Report said it would accelerate its national rollout of Beyond Meat breakfast sandwiches. 

Meanwhile, McDonald's (MCD) - Get Report said that it would test a Beyond Meat burger patty in 28 restaurants in Canada. 

And Denny's (DENN) - Get Report  on Monday announced a partnership with Beyond Meat, making a plant-based burger available at all Los Angeles-area locations starting Monday. 

"As a company we strive to evolve with the tastes and demands of our customers, and we knew finding a plant-based option that met our incredibly high-quality standards and taste expectations was critical," John Dillon, chief brand officer at Denny's, said. 

Beyond Meat shares closed Monday's session up 4.6% at $105.41. In after-hours trade, they've slumped 8.1%.