Benzinga | Nov 10, 2021 06:42PM EST

Why Beyond Meat Shares Are Falling

Beyond Meat Inc (NASDAQ:BYND) shares are trading lower after the company reported worse-than-expected third-quarter EPS and sales results and issued fourth-quarter net sales guidance below estimates.

Beyond Meat reported quarterly losses 87 cents per share which missed the analyst consensus estimate of a loss of 39 cents. Beyond Meat reported quarterly sales of $106.40 million which missed the analyst consensus estimate of $109.21 million by 3%.

"Our third quarter results reflect variability as we saw a decline from record net revenues just a quarter ago. Despite current disruptions, we remain focused on rapidly advancing key building blocks of long-term growth," said Beyond Meat President and CEO Ethan Brown.

"Whether scaling products and infrastructure for our strategic quick serve restaurant partners, bringing new product to retail markets, or investing in innovation, commercialization, and production capabilities here in the U.S., EU, and China, we believe we are steadily executing against our vision of being tomorrow's global protein company," Brown added.

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Beyond Meat has a 52-week high of $221.00 and a 52-week low of $76.55.