Plant-based meat maker Beyond Meat said Thursday that its revenue jumped 32% in the second quarter as demand from restaurants returned.
But the company's shares dropped after it forecast lower-than-expected third-quarter sales. Beyond Meat said uncertainty about the coronavirus is among the things weighing on its sales projections.
Beyond Meat's U.S. food-service sales more than tripled in the April-June period as more dining rooms reopened and people ate out. TGI Fridays, Dunkin' and Del Taco are among the chains that carry Beyond Meat products.
But Beyond Meat's U.S. retail demand fell 14%, reflecting a drop from 2020's pandemic stockpiling.
International revenue more than doubled to $48 million on stronger retail and food-service sales.
El Segundo, California-based Beyond Meat reported $149.4 million in revenue for the second quarter, beating Wall Street’s forecast of $141 million, according to analysts polled by FactSet.
The company reported a net loss of $19.7 million, or 31 cents per share. That was a bigger loss than the 23 cents analysts had forecast.
For the third quarter, Beyond Meat said it expects net revenue in the range of $120 million to $140 million as restaurant restocking slows. That is below the $153 million Wall Street had forecast.
Beyond Meat's shares dropped 4% to $117.05 in after-hours trading.