The meat-substitute company reported a third-quarter profit of $4.1 million, or 6 cents a share, on sales of $92 million, up from a loss of $9.3 million on revenue of $26.3 million in the same quarter a year ago. The analyst consensus called for profit of 4 cents a share on sales of $82.2 million, according to FactSet.
Beyond Meat BYND, +4.56% shares, which rampaged to more than $200 in July after an initial public offering in May that priced shares at $25 apiece, fell more than 5% in late trading immediately after the report hit. The stock has retreated since the last earnings report, when Beyond Meat announced a secondary stock offering that eventually sold insiders’ shares for $160 apiece.
Since the July report, Beyond Meat has announced new leadership including a chief operating officer who previously worked for Tesla Inc. TSLA, -0.13% and a new chief marketing officer from Coca-Cola Co. KO, -0.33% . In summing up the results released Monday, Chief Executive Ethan Brown focused on the logistical and branding opportunities with which those executives will be tasked.
It’s chemicals.
MathurineAgency hype and trends I'm straight on 😎
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »