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.
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