Shares of non-meat in the U.S. fell more than 6 percent on Thursday, with plant-based meat substitutes appearing on restaurant menus after seeing results of more stiff competition and frustrating progress following the results.
The company plunged deeper in the first quarter, with analysts reporting a combined net loss of 42 cents more than double the lower-than-expected price forecast. Figures compare to a net profit of 5 cents a share at the same time last year.
Revenue rose 11 percent to $ 108.2 million, but they also missed the 11 113.7 million estimate
Meat Beyond said it continued to “significantly reduce demand on its food service channel” as customers consolidated menu offers from restaurant and restaurant owners or stayed away from conducting closed or cut activities.
At the beginning of the epidemic the agency reported an a Revenue income From retail customers who rushed to the stockpile, which helped the restaurant meet the sharp decline in sales. However, it said on Thursday that the increase in retail demand was “moderate”.
Shares of the company have been under pressure since the beginning of this month after meat processor Tyson Has been turned on Own range of plant-based meat offerings.
Meat rival Impossible Foods has also stepped up the price war, announcing earlier this year that it will cut prices for less than a second month as well as discount retail customers.
Alexia Howard, an analyst at Bernstein, said Impossible Foods has increased volume sales and gained market share “mainly by spending more than meat”.
The total profit for the first quarter without meat was $ 32.7 million, giving a gross margin of 30.2 percent compared to a gap of 37 37.7 million and 36.6 percent over the same period last year. It blames higher transportation and warehousing costs, among other costs, and changes in trade discounts and growth on product sales machines.
It has achieved a net net price in pounds compared to last year due to the shift towards larger-pack items with increased promotion and net net price per volume.
The company has stopped providing earnings and revenue guidance since the onset of the epidemic, but forecasts between $ 135m and m 150m for second-quarter net revenue, up 19 to 32 percent from 2020.