Beyond Meat (NASDAQ:BYND) earnings for the plant-based protein company’s second quarter of 2020 have BYND stock dipping lower after markets closed on Tuesday. The drop comes after reporting adjusted losses per share of 2 cents on revenue of $113.34 million. Wall Street was looking for an adjusted loss per share of 2 cents on revenue of $99.84 million.
Let’s take a deeper dive into the most recent Beyond Meat earnings report below.
- Adjusted per-share losses are down from adjusted earnings per share of 5 cents in the same period of the year prior.
- Revenue for the quarter comes in 68.5% higher than the $67.25 million reported in Q2 2019.
- Operating loss of $8.17 million is a negative switch year-over-year from an operating income of $2.17 million.
- The Beyond Meat earnings report also has net loss coming in at $10.21 million.
- That is 8.2% wider than the $9.44 million reported during the same time last year.
Ethan Brown, president and CEO of Beyond Meat, said this about the earnings results.
“I am proud of our record net revenues and growth during a very challenging period. As the toll of the COVID-19 pandemic took hold across the foodservice industry, we repurposed assets and repacked and rerouted products to meet increased consumer activity in the retail aisles.”
Beyond Meat still isn’t providing guidance in its current earnings report. That’s due to the novel coronavirus. Many other companies are withholding outlooks during the pandemic.
BYND stock was down 7.5% after-hours Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.