WASHINGTON (dpa-AFX) - Beyond Meat, Inc. (BYND), a plant-based protein company, on Wednesday reported a narrower third-quarter loss, as improved gross margins and lower operating losses helped offset declining revenue.
Net loss for the third quarter narrowed to $82.8 million, or $4.32 per share, from $97.0 million, or $37.96 per share, in the year-ago quarter.
Total revenues decreased 8.1% to $64.5 million from $70.2 million. The decline primarily reflected a 10.9% drop in sales volume, partly offset by a 3.2% increase in revenue per pound.
U.S. net revenues fell 12.3% to $34.3 million, while international revenue declined 2.8% to $30.3 million. International retail revenue increased 13.3% to $17.9 million, driven by stronger sales in European markets, but international foodservice revenue dropped 19.4%.
Looking ahead, Beyond Meat expects fourth-quarter revenue of approximately $54 million to $59 million.
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