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Beyond Meat Trims Q3 Net Revenues Outlook - Quick Facts

(RTTNews) - Beyond Meat, Inc. (BYND) announced Friday that it is reducing its third quarter net revenues outlook, now projecting net revenues of about $106 million, compared to the prior guidance range of $120 million to $140 million.

On average, 13 analysts polled by Thomson Reuters expect the company to report net revenues of $133.11 million for the quarter.

Although the company's previous third quarter guidance anticipated a sequential decline in net revenues, the deceleration was larger than anticipated.

The company believes demand was impacted by broader ongoing macro and micro-economic factors, including among others, the effects of the COVID-19 Delta variant.

The Company also experienced a decrease in retail orders that persisted longer than expected from a Canadian distributor coinciding with the reopening of restaurants, driven by the effects of the COVID-19 Delta variant. Further, it experienced challenges in operations that led to unfulfilled orders, with severe weather as a key driver.

These impacts were partially offset by accelerated orders from an international customer during the third quarter.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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