Beyond Meat Inc. shares fell in afternoon trading on Monday despite an earnings report showing the company's first quarterly earnings history.
The meat substitute reported a third-quarter profit of $ 4.1 million, or $ 6 a share of sales of $ 92 million, up from a loss of $ 9.3 million on revenue of $ 26.3 million in the same quarter of a year ago. Analyst consensus requested a profit of 4 cents per share on sales of $ 82.2 million, according to FactSet.
The company also increased its annual revenue forecast for the second consecutive quarter, and now expects full-year revenue of $ 265 million to $ 275 million. In July, the company raised its target to $ 240 million from $ 21
BYND, + 4.56%
shares, which increased to more than $ 200 in July after an initial IPO in May with the price of shares to $ 25 apiece, fell more than 5% in late trading right after the report hit. The stock has withdrawn since the last earnings report, when Beyond Meat announced a secondary offer that eventually sold inside shares for $ 160 apiece.
Shares have fallen 55% in the last three months since the announcement, but closed Monday with a 4.6% increase of $ 105.41, giving the company a market value of around $ 6.4 billion. During late trading, shares fell below $ 100 per share.
Since the July report, Beyond Meat has announced new management including a CEO who previously worked for Tesla Inc.
and a new chief marketing officer of Coca-Cola Co.
. In a summary of the results released Monday, CEO Ethan Brown focused on the logistical and branding opportunities these leaders will be tasked with.
"We are still focused on expanding our distribution footprint, both domestically and abroad, building our brand and introducing new innovative products to the market, and strengthening our infrastructure and internal capabilities to deliver future growth," Brown said in prepared remarks .
Beyond Meat leaders plan to hold a conference call at 13:30 Pacific time today to discuss the results.