Beyond Meat shares slide 14% after company issues revenue warning, citing range of factors including COVID

Beyond Meat Inc. shares BYND, -15.48% slid 14% successful premarket commercialized Friday, aft the plant-based nutrient institution issued a gross informing for the 3rd quarter, citing a scope of issues including the highly transmissible delta variant of the coronavirus. "The institution besides experienced a alteration successful retail orders that persisted longer than expected from a Canadian distributor coinciding with the reopening of restaurants, expected incremental orders that did not materialize from a alteration successful a distributor servicing 1 of the company's ample customers, observed delays successful organisation enlargement and support resets believed to beryllium driven by lawsuit labour shortages, and incurred shortfalls astatine definite U.S. foodservice customers believed to beryllium driven by the effects of the COVID-19 Delta variant," the institution said successful a statement. It present expects third-quarter gross of astir $106 million, down from anterior guidance of $120 cardinal to $140 million. Other issues that person wounded show see terrible upwind and the nonaccomplishment of potable h2o for 2 weeks astatine a Pennsylvania installation and h2o harm to inventory astatine another. "These impacts were partially offset by accelerated orders from an planetary lawsuit during the 3rd quarter," said the statement. Beyond Meat is expecting to study third-quarter net connected Nov. 10. Shares person fallen 13% successful the twelvemonth to date, portion the S&P 500 SPX, -0.04% has gained 21%.