Beyond Meat reversed a sales slide in the third quarter, growing revenue for the first time since 2022 as it charged higher prices for its plant-based meat.
The El Segundo, California-based company said its revenue rose 7.6% to $81 million in the July-September period. That was higher than the $80.1 million Wall Street was expecting, according to analysts polled by FactSet.
Beyond Meat said it saw a 7% decrease in the volume of products sold but a 15.8% increase in net revenue per pound. The company has been trying to rely less on discounting and position its newer, healthier burgers, sausage and grounds as premium products.
Over the summer, the company debuted Beyond Sun Sausage, a product filled with bell peppers, spinach, lentils and other vegetables and fruits. Unlike previous products, Beyond Meat said the new sausage isn’t intended to replicate meat, but to be a healthier protein option. It also introduced lower-fat burgers and sausage earlier this year.
Beyond Meat said its U.S. retail volume in terms of pounds sold fell 6.6% in the third quarter but food service sales were up nearly 8%. Outside the U.S., that pattern reversed; Beyond Meat’s international retail sales were up 6% but its food service sales dropped 22%.
Beyond Meat said it narrowed its net loss to $26.6 million for the quarter, compared to $70.5 million in the third quarter a year ago. That loss, of 41 cents per share, also beat analysts’ forecast of a 48-cent loss.
