Beyond Meat (NASDAQ: BYND) reported Q3 EPS of ($0.28), $0.33 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $94.4 million versus the consensus estimate of $132.81 million.

Update on COVID-19 and 2020 Outlook

Due to the COVID-19 pandemic, the Company continues to experience a meaningful slowdown in its foodservice business as stay-at-home advisories and restrictions on foodservice locations’ operating capacity have resulted in closures or significantly curtailed operations of many of its foodservice customers. At the same time, the surge in demand from retail customers that characterized the early stages of the pandemic as consumers shifted towards more at-home consumption has moderated as panic-buying generally has subsided. This ongoing evolution in consumer demand patterns across retail and foodservice channels has added a higher degree of uncertainty to the Company’s ability to forecast demand beyond a limited timeframe. In light of these factors and given the uncertainty regarding the ultimate duration, magnitude and effects of the COVID-19 pandemic, management remains unable to predict the continuing impact of COVID-19 on its business for the balance of the year with reasonable certainty. As such, the Company’s 2020 outlook, previously provided on February 27, 2020, remains suspended until further notice.

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