Beyond Meat Misses on Earnings and Beats on Revenue
Beyond Meat reported a narrower fourth-quarter loss as revenue tripled, missing analysts’ profit expectations but beating on revenue.
Beyond Meat BYND reported a narrower fourth-quarter loss as revenue tripled, missing analysts’ profit expectations but beating on revenue.
The El Segundo, Calif., plant-based-meat producer posted a net loss of a penny a share compared with a loss of $1.10 a share in the year-earlier quarter. Revenue reached $98.5 million from $31.5 million.
Analysts surveyed by FactSet were expecting Beyond Meat to report a profit of a penny a share on revenue of $79.5 million.
Gross profit was 34% of revenue compared with 25% a year earlier.
At Dec. 31 Beyond Meat had cash and cash equivalents of $276 million and debt outstanding of $30.6 million.
For fiscal 2020, the company expects revenue to range $490 million to $510 million, a 64% to 71% year-over-year increase. Analysts were expecting revenue of $495.2 million.
And it expects gross margin of 33% to 35% for the year.
“With our simple objective of building a perfect piece of meat from plants,” Beyond Meat “seeks to address some of the key challenges of our time: improving health and nutrition, enhancing the sustainability of our global food supply, while lowering our environmental impact, and promoting animal welfare,” Chief Executive Ethan Brown said in a statement.
Beyond has two main segments: Gross Fresh Platform and Gross Frozen Platform. The Fresh platform contributed a greater proportion of gross revenue in the quarter than it did a year ago. The Fresh platform accounts for more than 85% of the company’s overall revenue.
Beyond Meat has been adopted by numerous retailers. Most recently the Seattle coffee-bar giant Starbucks SBUX said that starting March 3, it would be introducing a Beyond Meat, cheddar and egg sandwich as part of its core menu offerings at some 1,400 Canadian stores.
Beyond Meat shares at last check were down 8.6%. They closed the regular session down 5.7% at $106.14.
Provided by: The Street Retirement
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