WASHINGTON (dpa-AFX) - Shares of Beyond Meat (BYND) slipped 6% in after-hours trading Thursday after the plant-based meat products maker reported fourth-quarter earnings that fell short of Wall Street expectations, while revenue surpassed estimates.
The El Segundo, California-based company reported fourth-quarter net loss of $452 thousand or $0.01 per share, compared with a loss of $7.5 million or $0.18 per share last year.
Revenue for the quarter surged 212% to $98.5 million from $31.5 million a year ago.
Analysts polled by Thomson Reuters expected earnings of $0.01 per share on revenues of $79.5 million.
'Temporary disruptions related to capacity expansion projects at two co-manufacturing partners' plants partially offset the year-over-year improvements in gross margin in the fourth quarter of 2019 and contributed to the sequential decline in gross margin relative to the third quarter of 2019,' Beyond Meat said in a statement announcing its results.
Looking forward to full year 2020, Beyond Meat expects revenues of $490 million to $510 million.
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