Packages of Beyond Meat plant-based burger patties are displayed for a photograph in Tiskilwa, Illinois, April 23, 2019.
Daniel Acker | Bloomberg | Getty Images
Check out the companies making headlines after the bell:
Shares of Beyond Meat fell 13% in after-hours trading after the company announced a secondary offering of 3.25 million shares. The news came after mixed second quarter earnings report, in which the company raised its full-year outlook.
Beyond Meat reported a second-quarter loss per share of 24 cents on revenue of $67.3 million. Analysts had expected a loss per share of 8 cents on revenue of $52.7 million, according to Refinitiv. Beyond increased its fiscal 2019 outlook for revenue and now expects net sales to reach $240 million, up from the $210 million Beyond Meat forecasted in May, which did not include sales from restaurants that were only testing the product.
This quarter Tim Horton’s brought Beyond Meat’s imitation sausage and burgers to its stores in Canada, and Blue Apron said it will add the plant-based products to its menus.
AK Steel jumped 3.5% in extended trading despite the steel producer missing Wall Street’s estimates for second-quarter revenue. The company reported revenue of $1.68 billion, versus the $1.74 billion analysts polled by Refinitiv were expecting. In a statement, CEO Roger Newport noted a “dramatic decline in carbon spot market pricing from a year ago.” The company also adjusted its fiscal year earnings guidance to between 37 cents and 44 cents, above the 34 cents analysts had expected.
Cognex fell 9% after the machine vision systems company released its second-quarter earnings and lowered its third-quarter revenue guidance. The company reported earnings per share of 28 cents on revenue of $199 million, versus the earnings per share of 23 cents and revenue of $195 million analysts surveyed by Refinitiv had expected. The company adjusted its third-quarter revenue guidance to between $175 million and $185 million, below the $218 million analysts had estimated. The company noted weakness in consumer electronics, as well as in Europe and Asia.