(Bloomberg) -- Beyond Meat Inc., the maker of plant-based burgers, sausage and chicken, fell in late trading on Wednesday after projecting slowing sales in the fourth quarter.
The results show that demand for the El Segundo, California-based company’s products is slowing. Chief Executive Officer Ethan Brown acknowledged “continued uncertainty for the balance of this year,” but said in the statement that the company is “committed to our long-term strategy.”
The company’s gross margin slipped to 21.6%, well short of the 29.3% average analyst estimate. Beyond Meat attributed the weakness to factors such as transportation costs, higher inventory write-offs during the pandemic and elevated warehousing costs.
Beyond Meat shares fell 11% at 4:11 p.m. in extended New York trading. The stock is down 24% this year through Wednesday’s close.
