Meat substitute producer Beyond Meat (BYND) - Get Beyond Meat, Inc. Report shares on Wednesday plummeted in after-hours trading after the company reported a larger third-quarter loss and lower revenues than expected.
Beyond Meat reported $106.4 million in revenue for the quarter, which was lower than $109.2 million expected by analysts surveyed by Refinitiv.
It reported a $54.8 million net loss compared to the $19.3 million loss in the same quarter in the previous year, or 87 cents a share compared to 31 cents in 2020.
Analysts expected a loss of 39 cents a share.
The company said in a Thursday statement that its decline in revenues was a result of lower overall demand and operational challenges with severe weather as a key driver.
Shares of Beyond Meat declined by over 18% after hours to $77.07. The stock had fallen 3.6% in the regular session.
"Our third quarter results reflect variability as we saw a decline from record net revenues just a quarter ago," Beyond Meat CEO Ethan Brown said in a statement. "Despite current disruptions, we remain focused on rapidly advancing key building blocks of long-term growth.
"Whether scaling products and infrastructure for our strategic quick serve restaurant partners, bringing new product to retail markets, or investing in innovation, commercialization, and production capabilities here in the U.S., EU, and China, we believe we are steadily executing against our vision of being tomorrow’s global protein company," Brown said.
The company's guidance for the fourth quarter forecasts net revenues in the range of $85 million to $110 million based on near-term uncertainty related to Covid-19. That could have a potential impact on demand levels, labor availability and supply chain disruptions, according to the company statement.