Beyond MeatOn Wednesday, the company reported that its third quarter loss was increasing as U.S. consumers for meat substitutes declined and its profit margins were impacted by higher prices.

Investors were also disappointed by the company’s fourth quarter outlook. This indicates that sales won’t rebound immediately. The shares of the company plunged 18% during extended trading.

Based on an analysis of Wall Street analysts, here’s the report from the company.

• Loss per share: 87 cents vs. 39 cents expected
• Revenue: $106.4 million vs. $109.2 million expected

The reported third quarter net loss for fiscal 2005 was $54.8million, which is 87c per share. This figure is higher than the $19.3million net loss, 31c per share, that occurred a year ago. Refinitiv polled analysts expecting a loss at 39 cents per share.

Company claimed it had higher transportation and warehouse costs, and that its inventories were being written off more often. This impacted the company’s profits.

Net sales rose 12.7% to $106.4 million, missing expectations of $109.2 million. Company reported significant growth in other countries, including strong sales at international restaurants and grocery stores.

Due to lower grocery demand, U.S. sales fell 13.9% in the past year. Company said that domestic sales suffered from lower demand and difficulties such as severe weather. Drops in sales were slightly compensated by the introduction of new products such as its meatless poultry.

This October: the company warned investorsIt would report lower sales than expected, due to a variety of reasons, including distribution issues and the delta variant.

The company doesn’t expect a brighter fourth quarter. For the next three months, Beyond predicts net sales between $85 million and $110 million. Wall Street expected revenue of $131.6million during this quarter.

Beyond indicated that some of its operational difficulties from the previous quarter are expected to impact the fourth quarter’s results. The outlook also included the uncertainty surrounding the pandemic and the labor problems of restaurants, as well as hesitant ordering behaviour. It was noted that this period has 5 less shipping days than the previous year.

Ethan Brown CEO stated in a statement that, “Near-term markets and operating conditions aside, we remain committed our long-term strategy.”