Beyond Meat (NASDAQ:BYND) earnings for the creator of plant-based fake meat’s third quarter of 2019 have BYND stock taking a dive late Monday afternoon. This comes despite diluted EPS and revenue of 6 cents and $91.96 million. These are both above Wall Street’s estimates of 3 cents and $82.23 million.
Let’s look more closely at the Beyond Meat earnings report for Q3 2019.
- BYND sees its per-share earnings come in at a profit from a loss during the same time last year.
- Revenue during the quarter was up 249.92% from $26.28 million in the third quarter of 2018.
- The company also reported operating income instead of an operating loss like in the same period of the year prior.
- This also holds true for the company’s net income, which was a switch from a net loss in the third quarter of the previous year.
Ethan Brown, Beyond Meat President and CEO, says this about the most recent BYND stock earnings.
“We are very pleased with our third quarter results which reflect continued momentum across our business and mark an important milestone as we achieved our first ever quarter of net income. We remain focused on expanding our distribution footprint, both domestically and abroad, building our brand, introducing new innovative products into the marketplace, and bolstering our infrastructure and internal capabilities to fuel our future growth.
The Beyond Meat earnings report also has it increasing its outlook for 2019. It now expects revenue between $265 million and $275 million. The previous guidance was for revenue above $240 million. Wall Street is looking for revenue of $264.44 million in 2019.
So why is BYND stock falling on Monday? It may have to do with the lockup period for its IPO. That ends on Tuesday and we may see investors start cashing in more shares.
BYND stock was down 6.40% in after-hours trading on Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.