Beyond Meat, Inc. (NASDAQ: BYND) stock dropped massively after the first-quarter earnings results missed analysts’ estimates. At the time of writing, BYND stock was down 21% to $20.49. Beyond’s stock closed down 13.8% on Wednesday, ahead of the company’s earnings report.
The company expects revenue of $560.0 million to $620.0 million in 2022. For the fiscal year ending December 31, 2022, the current consensus revenue estimate is $582.81 million.
Reported vs. Expected
EPS – -$1.58 vs. -$1.03 expected
Revenue – $109.5 Million vs. $111.66 Million expected
Financial Highlights
- Net revenues were $109.5 million, an increase of 1.2% year-over-year.
- Gross profit was $0.2 million, or a gross margin of 0.2% of net revenues.
- Net loss was $100.5 million, or $1.58 per common share. Net loss as a percentage of net revenues was -91.8%.
- Adjusted EBITDA was a loss of $78.9 million, or -72.1% of net revenues.
CEO’s Quote
“In the first quarter, we made good progress against our goal of building tomorrow’s global protein company. Whether furthering strategic partnerships in the restaurant industry, the market success of our first product collaboration with PepsiCo, or the continued acclaim awarded to our products here in the U.S. and EU, we continue to lay a robust foundation for our long-term growth.”
Beyond Meat President and CEO Ethan Brown
Earnings History
Beyond Meat’s most recent quarterly earnings report was on February 24th, 2022. The reported $1.27 earnings per share (EPS) for the quarter fell $0.54 short of analysts’ consensus estimates of $0.73. The company’s revenue for the quarter was $100.70 million, compared to the consensus estimate of $101.92 million. Its quarterly revenue was down 1.2% from the previous quarter. Over the last year, Beyond Meat has generated $2.88 earnings per share ($2.88 diluted earnings per share).
Beyond reported a net loss of $80.37 million, or $1.27 per share, in the fourth quarter, up from a loss of $25.08 million, or 40 cents per share, the previous year. Refinitiv polled analysts predicted a loss of 71 cents per share.
Annual Forecast
Beyond Meat’s earnings are expected to rise from $3.18 to $2.29 per share in the coming year.
Q1 Developments
Beyond Meat and PepsiCo (NASDAQ: PEP) announced the first product under their PLANET Partnership joint venture would be meatless jerky.
Beyond Meat and Rite Aid (NYSE: RAD) have announced the availability of the Beyond Burger and Beyond Meatballs in approximately 2,000 locations across the United States.
Company Profile
Beyond Meat Inc. is a food manufacturer. It primarily produces, markets, and sells plant-based meat products in the United States and internationally. Beyond Beef, Beyond Chicken, The Beyond Burger, Beyond Meat, Beyond Sausage, Eat What You Love, and The Cookout Classic are the brand names under which the company sells its products. Beyond Meat Inc.’s headquarters are in El Segundo, California.
