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Beyond Meat forecasts annual revenue below estimates -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Beyond Meat products can be found on the shelves of Kroger Co.’s Ralphs grocery in Los Angeles amid concerns about the global rise of coronavirus. This is taken at Kroger Co.’s Ralphs store. REUTERS/Patrick T. Fallon/File Photograph

(Reuters) – Beyond Meat Inc has lowered its annual revenue forecast for 2014, as it struggles with supply chain disruptions and labor issues. The plant-based pioneer is facing stiff competition from the United States.

Extended trading saw the shares of this company fall by 6%

In recent years, the market for plant-based meat has become overcrowded with traditional and more familiar names such as Tyson Foods Kellogg and (NYSE.) enter the fray offering large discounts for more people to test their products.

According to Refinitiv IBES data, it expected revenue to reach $560 to $620million in 2022. That’s a significant increase from the $637.3 million that was projected by other companies.

The fourth quarter saw a decline of 19.5% in sales to U.S. convenience and grocer stores, as well as other retailers.

In the three-months ended December 31, net revenue stood at $100.7 million, up from $101.9million a year prior. Refinitiv polled analysts to forecast $101.4 millions.

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