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Plant-based meat firm Past Meat has posted a first-quarter loss after larger gross sales have been offset by advertising prices and decrease costs
Plant-based meat firm Past Meat posted a first-quarter loss Thursday after larger gross sales have been offset by advertising prices and decrease costs.
The corporate primarily based in El Segundo, California, reported that its income rose 11.4% to $108.2 million within the January-March interval. That fell wanting Wall Road’s forecast of $112.6 million, in line with analysts polled by FactSet.
Past Meat reported a web lack of $27.3 million, in comparison with a revenue of $1.8 million in the identical interval a yr in the past. Adjusted for one-time objects, the corporate misplaced 42 cents per share. Analysts had anticipated a lack of 18 cents a share.
Past Meat’s shares fell greater than 6% in after-market buying and selling Thursday.
Past Meat stated retail demand has moderated for the reason that begin of the pandemic, when there was a surge in shopping for for cooking at residence. On the similar time, meals service demand is beginning to tick upward as eating places reopen their eating rooms.
As a result of post-pandemic patterns are troublesome to foretell, the corporate declined to supply monetary steerage for the total yr. Nevertheless it stated it expects its second-quarter income to extend between 19% and 32% to a spread of $135 million to $150 million.
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