RTTNews | Oct 22, 2021 08:49AM EDT

08:49 Friday, October 22, 2021 (RTTNews.com) - Beyond Meat, Inc. (BYND) announced Friday that it is reducing its third quarter net revenues outlook, now projecting net revenues of about $106 million, compared to the prior guidance range of $120 million to $140 million.

On average, 13 analysts polled by Thomson Reuters expect the company to report net revenues of $133.11 million for the quarter.

Although the company's previous third quarter guidance anticipated a sequential decline in net revenues, the deceleration was larger than anticipated.

The company believes demand was impacted by broader ongoing macro and micro-economic factors, including among others, the effects of the COVID-19 Delta variant.

The Company also experienced a decrease in retail orders that persisted longer than expected from a Canadian distributor coinciding with the reopening of restaurants, driven by the effects of the COVID-19 Delta variant. Further, it experienced challenges in operations that led to unfulfilled orders, with severe weather as a key driver.

These impacts were partially offset by accelerated orders from an international customer during the third quarter.

Read the original article on RTTNews ( https://www.rttnews.com/3234868/beyond-meat-trims-q3-net-revenues-outlook-quick-facts.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved