Beyond Meat (BYND) - Get Free Report shares jumped higher Thursday following a report that suggested McDonald's (MCD) - Get Free Report is preparing to test one of the plant-based food group's burgers in U.S. restaurants next month.
CNBC said the McPlant Burger will be offered to customers in eight U.S. outlets of the world's biggest restaurant chain, following plant-based offerings in Europe and the United Kingdom.
The move would follow Beyond Meat's recent marketing deals with PepsiCo (PEP) - Get Free Report and YUM! Brands (YUM) - Get Free Report which the group hopes will accelerate revenues following a disappointing third quarter, as well as its ongoing distribution partnership with Walmart (WMT) - Get Free Report, the world's biggest retailer.
Beyond Meat shares were marked 1.5% higher in early trading Thursday to change hands at $106.60 each.
Beyond Meat posted a wider-than-expected second quarter loss of 31 cents per share in early August, on sales of $149.4 million., and forecast softer third quarter sales of between $120 million to $140 million as restaurants grow more cautious on food orders amid the summer rise in Delta-variant coronavirus infections.
"We believe it's prudent to call out that due to recent increases in COVID-19 infection rates stemming from the Delta variant, we're seeing some early signs of a return to a more cautionary stance across certain parts of the Foodservice sector," CFO Philip Hardin told investors on August 6.
Beyond Meat and Pepsi reached a partnership deal to produce and market a new line of snacks in late January when they formed the PLANeT Partnership LLC, a joint venture that will leverage PepsiCo's marketing with Beyond Meat's plant-based food production technology.
Earlier that month, Yum! Brands said its Taco Bell division is exploring a partnership with Beyond Meat for a new plant-based product that will be tested next year. Late last year, Pizza Hut said it partnered with Beyond Meat to offer two plant-based-meat pizzas for a limited time.