(New York) The American company Beyond Meat, which notably manufactures substitutes for steaks and sausages of plant origin, announced on Wednesday that it had suffered in the third quarter from a drop in its revenues in the United States which it did not compensate for. an increase in volumes sold internationally.
It warned on November 2 that its forecasts for a “modest return to growth in the third quarter” had not materialized, and announced a reduction of around 8% of its global workforce, or around 65 people affected.
It also lowered its earnings forecast for the current fiscal year and indicated that its third-quarter revenue would be around $75 million.
Between July and September, its turnover fell by 8.7% year-on-year to $75.3 million and its net loss stood at $70.49 million compared to a loss of $101.68 million a year earlier, according to a press release.
Reported per share and on a comparable basis – a benchmark for the markets – the loss amounts to 87 cents of the dollar. Which corresponds to the consensus of analysts.
In the United States, Beyond Meat suffered a 33.9% drop in retail sales and a 21.6% drop in foodservice sales, notably due to non-renewal of an operation carried out the previous year with a “large customer” in the fast food sector.
The company noted “weak demand” in the country for its product category as the latter were promoted in the trade, further weighing on revenue.
On the other hand, the latter jumped 38.8% internationally to reach $14.2 million thanks to the launch of new products which boosted volumes sold. But income per kilo fell by 2.8%.
For the year as a whole, Beyond Meat confirmed its new forecasts revealed at the beginning of November: a turnover between 330 and 340 million dollars (i.e. -19% to -21% over one year), instead of 360 to $380 million previously and operating expenses of up to $245 million (before layoff costs).
Laying off about 19% of its non-production workforce – or about 8% of its employees worldwide – is expected to save it around $10.5 million to $12.5 million starting in 2024 in operating expenses.
But a charge of 2-2.5 million (severance pay, etc.) will be recorded in the fourth quarter.
Founded in 2009, the startup debuted on Wall Street in May 2019 at a price of $25.
In electronic trading after the New York Stock Exchange closed, Beyond Meat shares fell 1.36%.
