(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.
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