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BEYOND MEAT, INC.

(BYND)
  Report
Delayed Nasdaq  -  04:00 2022-09-23 pm EDT
15.69 USD   +2.89%
09/23Beyond Meat eliminates supply chain chief role after exec steps down
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09/23BEYOND MEAT, INC. : Change in Directors or Principal Officers (form 8-K)
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09/23Beyond Meat, Inc. Announces Management Changes
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Beyond Meat sales under threat as plant-based boom withers

08/03/2022 | 01:26pm EDT
FILE PHOTO: A Beyond Meat Burger is seen on display at a store in Port Washington, New York

(Reuters) - Beyond Meat Inc is headed for an unappetizing second quarter as the plant-based food craze withers in the face of several weak product tests at restaurants and mediocre reviews.

Analysts have slashed forecasts for Beyond Meat's sales on supply-chain concerns and waning demand that pulled down shares of the plant-based meat maker and peer Oatly Group AB from their lofty market debut levels.

"Part of the issue with the adoption of the category for new consumers is that you're not going to change cultural tastes overnight," Mizuho analyst John Baumgartner said. "Recruiting your next phase of consumers requires more innovation and better tasting products."

Estimates for Beyond Meat's second-quarter revenue have fallen by 10% over the last three months, according to Refinitiv IBES data.

Wall Street estimates for Beyond Meat's revenue slides: https://fingfx.thomsonreuters.com/gfx/buzz/lbvgnanbrpq/MicrosoftTeams-image%20(23).png

CONTEXT

McDonald's Corp last week became the latest chain to not go through with an immediate broader launch of Beyond Meat products, after concluding its U.S. test of a burger made with the plant-based meat without confirming future plans.

Tests at Panda Express and Yum Brands Inc's KFC, Pizza Hut and Taco Bell have also yet to lead to a permanent or U.S.-wide launch, while Dunkin, Hardee's and A&W have discontinued products after launching, according to brokerage Piper Sandler.

Reviews for Beyond Meat's plant-based jerky also indicate skepticism about the taste of the product, stoking concerns about the sustainability of its sales momentum, Piper Sandler analyst Michael Lavery wrote in a note on Friday.

The company has had to discount more to encourage inflation-hit consumers to pick up its products over those of competitors at grocers, leading analysts to say its expectation for average revenue growth of 27% for 2022 now appears steep.

FUNDAMENTALS

* Beyond Meat is expected to post a marginal increase in revenue for the second quarter, when it reports on Thursday, with loss per share widening to $1.18.

* Wall Street expects Beyond Meat to lose $4.48 per share for 2022, much bigger than the $2.88 it expected on April 27, when the company reported results for the first quarter.


Plant-based food maker's shares:

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Devika Syamnath)

By Praveen Paramasivam


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BEYOND MEAT, INC. 2.89% 15.69 Delayed Quote.-75.92%
FEEDER CATTLE FUTURE (GF) - CMG/C1 -0.04% 178.125 End-of-day quote.6.74%
LIVE CATTLE FUTURE (LE) - CMG/C1 -0.31% 144.4 End-of-day quote.3.26%
MCDONALD'S CORPORATION -0.80% 245.95 Delayed Quote.-8.25%
OATLY GROUP AB 0.37% 2.69 Delayed Quote.-66.21%
PIPER SANDLER COMPANIES -1.81% 108.32 Delayed Quote.-39.32%
YUM BRANDS -0.13% 110.65 Delayed Quote.-20.32%
All news about BEYOND MEAT, INC.
09/23Beyond Meat eliminates supply chain chief role after exec steps down
RE
09/23BEYOND MEAT, INC. : Change in Directors or Principal Officers (form 8-K)
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09/23Beyond Meat, Inc. Announces Management Changes
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Analyst Recommendations on BEYOND MEAT, INC.
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Financials (USD)
Sales 2022 489 M - -
Net income 2022 -329 M - -
Net Debt 2022 733 M - -
P/E ratio 2022 -3,02x
Yield 2022 -
Capitalization 999 M 999 M -
EV / Sales 2022 3,54x
EV / Sales 2023 3,39x
Nbr of Employees 1 108
Free-Float 91,3%
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Technical analysis trends BEYOND MEAT, INC.
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 20
Last Close Price 15,69 $
Average target price 25,19 $
Spread / Average Target 60,5%
EPS Revisions
Managers and Directors
Ethan Walden Brown President, Chief Executive Officer & Director
Philip E Hardin Chief Financial Officer & Treasurer
Seth Goldman Chairman
Raymond J. Lane Lead Independent Director
Christopher Isaac Stone Independent Director
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