Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

BEYOND MEAT, INC.

(BYND)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Beyond Meat loss exceeds forecasts on higher costs, slow restaurant sales

05/06/2021 | 07:02pm EDT
A woman sits next to a poster at the booth of plant-based food company Beyond Meat at VeggieWorld fair in Beijing

(Reuters) - Beyond Meat Inc on Thursday reported a wider quarterly loss than expected, as the plant-based meat maker incurred higher freight costs, spent heavily on testing new product launches, and sold less to pandemic-hit restaurants.

Shares of the California-based company fell nearly 7% in extended trading.

The company, which sells faux meat in over 100,000 outlets worldwide, last year benefited from consumers stockpiling their freezers with bulk packages of its "burgers" during stay-at-home orders across the United States.

However, sales to restaurants took a hit as many closed. Chief Executive Officer Ethan Brown said during a call with analysts that he was seeing a "slow thaw" of that trend.

Even so, Beyond Meat expects the recovery in its food service business to lag the broader restaurant sector because it sells in many places where capacity is recovering more slowly, including sports venues.

As restaurant sales fell, the company accumulated more pea protein, leading to higher costs for warehousing, it said.

RIVALS CHOMPING

Competition is rising among plant-based protein makers. In 2020, U.S. plant-based retail sales reached $7 billion, up 27% year on year, according to the Good Food Institute and the Plant-Based Foods Association (PBFA).

Impossible Foods Inc, Beyond Meat's biggest rival, is preparing for a public listing which could value the company at around $10 billion or more, Reuters reported in April.

Brown said Beyond Meat's "main competitor" was discounting two-thirds of its sales and said he was "not going to react and get into some sort of discounting war with them."

Beyond Meat expects second-quarter revenue in the range of $135 million to $150 million, a rise of 19% to 32%. Analysts had forecast revenue of $142.8 million, according to IBES data from Refinitiv.

In the first quarter ended April 3, net revenue rose about 11% to $108.2 million, missing estimates of $113.7 million.

Excluding one-time items, it lost 42 cents per share - wider than analysts' expectations of 19 cents.

Its bottom line swung to a net loss of $26.8 million from a profit of $1.8 million a year ago.

(Reporting by Nivedita Balu in Bengaluru and Hilary Russ in New York; Editing by David Gregorio and Rosalba O'Brien)

By Nivedita Balu and Hilary Russ


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BEYOND MEAT, INC. -2.39% 143.92 Delayed Quote.17.95%
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 -0.06% 157.05 End-of-day quote.13.96%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 0.00% 122.825 End-of-day quote.8.46%
All news about BEYOND MEAT, INC.
06/22It's time to invest vegan
06/16CHRIS KEMPCZINSKI : Top Stories of the Day
DJ
06/10BEYOND MEATá : reg; ANNOUNCES NEW EXECUTIVE LEADERSHIP APPOINTMENTS TO ACCELERAT..
PU
06/10BEYOND MEAT, INC.á : Change in Directors or Principal Officers, Financial Statem..
AQ
06/09Tyson sets net-zero emissions goal for 2050
RE
06/07SECTOR UPDATE : Consumer Stocks Recover Most of Their Prior Declines This Aftern..
MT
06/07SECTOR UPDATE : Consumer Stocks Mostly Lower This Afternoon
MT
06/07Beyond Meat Expands Into Australia; Shares Rise Midday
MT
06/07BEYOND MEATá : Co-Founder of Twitter helps Launch new social platform to rival C..
AQ
06/07STREET COLOR : Beyond Meat Launches Beyond Meatballs in Australian Market Throug..
MT
More news
Financials (USD)
Sales 2021 566 M - -
Net income 2021 -60,6 M - -
Net Debt 2021 97,4 M - -
P/E ratio 2021 -175x
Yield 2021 -
Capitalization 9 076 M 9 076 M -
EV / Sales 2021 16,2x
EV / Sales 2022 10,9x
Nbr of Employees 700
Free-Float 89,1%
Chart BEYOND MEAT, INC.
Duration : Period :
Beyond Meat, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BEYOND MEAT, INC.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 21
Last Close Price 147,44 $
Average target price 120,20 $
Spread / Average Target -18,5%
EPS Revisions
Managers and Directors
NameTitle
Ethan Walden Brown President, Chief Executive Officer & Director
Gary A. Schultz Chief Financial Officer, VP & Controller
Seth Goldman Chairman
Sanjay C. Shah Chief Operating Officer
Raymond J. Lane Lead Independent Director
Sector and Competitors