Packages of Beyond Meat Inc. beef crumbles are displayed for a photograph in Tiskilwa, Illinois, U.S., on Tuesday, April 23, 2019.
Daniel Acker | Bloomberg | Getty Images
Beyond Meat on Monday reported mixed second-quarter earnings and revenue but raised its full-year 2019 revenue outlook.
Shares of the company whipsawed in extended trading on the earnings news. The stock briefly rose 2% before falling more than 1%. It is currently trading for about $229 a share, up 3%.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: Loss of 24 cents, adjusted, vs. a loss of 8 cents expected
- Revenue: $67.3 million vs. $52.7 million expected
Excluding items, Beyond reported a loss of 24 cents per share, wider than the loss of 8 cents per share expected by analysts surveyed by Refinitiv.
Net sales rose 287% to $67.3 million, topping expectations of $52.7 million.
Beyond raised its fiscal 2019 outlook for revenue and expects to net sales for the full year to reach $240 million. Last quarter, in its first report since its May initial public offering, the company said that it was forecasting fiscal 2019 revenue of $210 million, a number that did not include sales from restaurants that were only testing the product.
