Past Meat “Past Burger” patties constructed from plant-based substitutes for meat merchandise sit on a shelf on the market in New York Metropolis.
Angela Weiss | AFP | Getty Pictures
Past Meat on Wednesday reported a wider-than-expected loss for its third quarter as demand for its meat substitutes tumbled.
Shares of the corporate bounced round in after-hours buying and selling. The inventory closed down 9% on Wednesday.
This is what the corporate reported in contrast with what Wall Avenue was anticipating, primarily based on a survey of analysts by Refinitiv:
- Loss per share: $1.60 vs. $1.14 anticipated
- Income: $82.5 million vs. $98.1 million anticipated
Internet gross sales dropped 22.5% to $82.5 million within the third quarter.
Past has tried to revive demand for its meatless burgers and sausages by providing eating places and grocery clients reductions. Nevertheless, decrease sticker costs weren’t sufficient. The corporate mentioned complete kilos offered fell 12.8%, and web income per pound shrank 11.2%.
Past reported a third-quarter web lack of $101.7 million, or $1.60 per share, wider than its web lack of $54.8 million, or 87 cents per share, a yr earlier.
The corporate has been making an attempt to indicate Wall Avenue that it may be cash-flow optimistic by the second half of 2023. In October, Past introduced it will minimize 19% of its workforce, or roughly 200 staff. Simply two months earlier, the corporate mentioned it will lay off 4% of its staff.
Past additionally confronted turmoil inside its C-suite. Chief Working Officer Doug Ramsey left the corporate after being arrested for allegedly biting one other man’s nostril in a parking storage. The corporate additionally eradicated the position of chief development officer and noticed its chief monetary officer, Phil Hardin, depart for one more job elsewhere.