Beyond Meat Inc BYND shares were falling after-hours Monday after the maker of plant-based meat alternatives posted a second-quarter sales beat and raised its full-year 2019 guidance.
The company lost 24 cents per share, which may not compare to the consensus estimate of an 8-cent loss.
Sales of $67.251 million beat estimates by $14.54 million.
The company raised its full-year sales guidance from $210 million to $240 million and raised its adjusted EBITDA guidance from breakeven to positive.
“We are very pleased with our second quarter results which reflect continued strength across our business as evidenced by new foodservice partnerships, expanded distribution in domestic retail channels and accelerating expansion in our international markets," CEO Ethan Brown said in a statement.
"We believe our positive momentum continues to demonstrate mainstream consumers’ growing desire for plant-based meat products both domestically and abroad."
Beyond Meat shares were down 2% at $217.69 in after-hours trading at the time of publication Monday.
Q2 Highlights
- Net revenue increased 287%
- Net loss of $9.4 million
- Adjusted EBITDA of $6.9 million
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Photo courtesy of Beyond Meat.
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