Beyond Meat reported a wider-than-expected loss in the second quarter.
The company registered an adjusted net loss of $1.2 million in the latest quarter, or 2 cents per share, swinging from adjusted net income of $2.3 million, or 5 cents per share in the year-earlier period.
Analysts predicted an adjusted loss of 1 cent per share for the latest quarter.
Costs included $5.9 million associated with product repacking activities attributable to Covid-19, $1.6 million in product donations for the company’s Covid-19 relief campaign, and $1.5 million of early debt extinguishment.
Revenue jumped 69% to $113.3 million in the latest quarter from $67.3 million last year. The latest total far exceeded analysts’ projection of $99.2 million.
“Growth in net revenue was primarily due to an increase in volume sold, partially offset by lower net price per pound driven by the company’s strategic investments in promotional activity,” the company said in a statement. “Growth in volume sold was driven mainly by increased retail channel sales…”
Beyond Meat posted an unadjusted net loss of $10.2 million, or 16 cents a share, in the second quarter, compared to a net loss of $9.4 million, or 24 cents, a share in the year-ago quarter. The FactSet analyst consensus had called for a 2-cent-a-share loss for the latest quarter.