{"id":114445,"date":"2021-02-25T21:58:17","date_gmt":"2021-02-25T21:58:17","guid":{"rendered":"https:\/\/precoinnews.com\/?p=114445"},"modified":"2021-02-25T21:58:17","modified_gmt":"2021-02-25T21:58:17","slug":"beyond-meat-posts-wider-loss-but-shares-rise-after-company-strikes-deal-with-mcdonalds-yum","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/beyond-meat-posts-wider-loss-but-shares-rise-after-company-strikes-deal-with-mcdonalds-yum\/","title":{"rendered":"Beyond Meat posts wider loss, but shares rise after company strikes deal with McDonald&#x27;s, Yum"},"content":{"rendered":"<ul>\n<li>Beyond Meat has struck deals with fast-food giants McDonald&#x27;s and Yum Brands.<\/li>\n<li>The company fell short of Wall Street&#x27;s estimates for its fourth-quarter revenue, and it reported a wider-than-expected quarterly loss.<\/li>\n<li>The company declined to provide an outlook for 2021, citing the uncertainty caused by the pandemic.<\/li>\n<\/ul>\n<p>Beyond Meat on Thursday announced that it has struck deals with fast-food giants McDonald&#x27;s and Yum Brands, sending shares up 7% in extended trading.<\/p>\n<p>The company separately reported a bigger-than-expected quarterly loss as the cost of global expansion and weak restaurant sales weighed on the business. Shares of the company initially fell 6% in extended trading on the earnings report before turning positive on the hopes that the new restaurant deals will fuel growth.<\/p>\n<p>Here&#x27;s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:<\/p>\n<ul>\n<li>Loss\u00a0per share: 34 cents adjusted vs. 13 cents expected<\/li>\n<li>Revenue: $101.9 million vs. $103.2 million expected<\/li>\n<\/ul>\n<p>The company reported its fiscal fourth-quarter net loss of $25.1 million, or 40 cents per share, widened to a loss of $452,000, or 1 cent per share, a year earlier.<\/p>\n<p>Excluding expenses attributed to the pandemic, Beyond lost 34 cents per share, wider than the loss of 13 cents per share expected by analysts surveyed by Refinitiv.<\/p>\n<p>Net sales<strong>\u00a0<\/strong>rose\u00a03.5% to $101.9 million, missing expectations of $103.2 million.<\/p>\n<p>Under the new three-year deal with McDonald&#x27;s, Beyond will be the preferred patty supplier for its McPlant burger, which is being tested in some markets globally. McDonald&#x27;s and Beyond will also work together to develop new substitutes for pork, chicken and egg.<\/p>\n<p>Likewise, Beyond and Yum will work together to make exclusive menu items for KFC, Taco Bell and Pizza Hut over the next several years.<\/p>\n<p>Financial terms for both strategic partnerships were not disclosed.<\/p>\n<p>Beyond Meat declined to provide an outlook for 2021, citing the uncertainty caused by the pandemic.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/02\/25\/beyond-meat-bynd-q4-2020-earnings.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Beyond Meat has struck deals with fast-food<\/p>\n","protected":false},"author":3,"featured_media":114444,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Beyond Meat posts wider loss, but shares rise after company strikes deal with McDonald&#x27;s, Yum - 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