Beyond Meat said Thursday that its revenue jumped 32% in the second quarter as demand from restaurants came back.
But the company's shares dropped after it forecast lower-than - anticipated third-quarter sales. Beyond Meat said uncertainty about 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 and people ate out opened. 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 the Pandemic stockpiling in 2020.
International revenue more than doubled to 48 million on stronger retail and food-service sales.
Washington-based Beyond Meat reported $49.4 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 analysts expected for 23 cents.
For the third quarter, Beyond Meat said it expects net revenue in the range of $20 million to $140 million as restaurant restocking slows. That is significantly below the $153 million Wall Street had forecast.
Beyond Meats shares dropped 4% in after-hours trading to $117.05.