Wednesday, May 05, 2021 6:46:17 PM
Alexandra Canal
Alexandra Canal·Producer
Wed, May 5, 2021, 6:18 PM
Beyond Meat (BYND) is set to report first quarter earnings after the bell on Thursday, with analysts eager to see if rising consumer interest in alternative foods can help offset a weak, pandemic-stricken foodservice channel —which is pressuring sales and profits.
Here are Wall Street's consensus estimates, compiled by Bloomberg:
Revenue: $113.18 million
Adj. profit/loss per share: -$0.21 cents
These results would indicate a sharp decline in quarterly earnings compared to one year ago, when the plant-based meat company reported adjusted earnings of 6 cents per share.
In the fourth quarter of 2020, Beyond Meat's net loss widened to $25.1 million, compared to just under $500,000 in the comparable year-ago quarter. That included $3.7 million in expenses attributable to COVID-19.
A Beyond Meat Burger is seen on display at a store in Port Washington, New York, U.S., June 3, 2019. Picture taken June 3, 2019. REUTERS/Shannon Stapleton
A Beyond Meat Burger is seen on display at a store in Port Washington, New York, U.S., June 3, 2019. Picture taken June 3, 2019. REUTERS/Shannon Stapleton
The pandemic wrecked havoc on the food and restaurant space for most of last year as diners remained largely indoors. That hammered Beyond's foodservice sales during Q4, which plunged 42.6% and 62.9% in the U.S. and abroad, respectively.
The company has been transparent about COVID-19 era challenges, noting in previous earnings that streamlined menus, declining foot traffic and operating capacity curbs all played a role in the declines.
Consequently, the company has shifted its focus to grocery, convenience stores and other forms of distribution with U.S. retail sales rising over 76% to $62.1 million in the fourth quarter.
Innovation drives growth
Beyond Meat has battled coronavirus headwinds by routinely adding innovative and premium product offerings — from Beyond Meatballs to Beyond Breakfast Sausage Links — in addition to striking partnerships with big-name chains and retailers including Costco (COST), Taco Bell (YUM), Subway, TGI Friday’s, Dunkin’ and Pizza Hut.
This week, the company launched a new version of its plant-based Beyond Burger at grocery stores nationwide. Dubbed the brand's juiciest plant-based patty yet, a four-pack will set one back $9.99.
Beyond Burger 3.0 (Courtesy: Beyond Meat)
Beyond Burger 3.0 (Courtesy: Beyond Meat)
The new recipe, which more resembles the flavor and texture of ground beef, is set to be introduced to restaurant partners beginning in June.
"As we get closer to that beef experience that we all love, or most of us, we bring consumers into the brand and then we obviously are able to accomplish more of our broader objectives," Beyond Meat CEO Ethan Brown previously told Yahoo Finance.
And competition in the space continues to heat up.
In recent months, plant-based competitor Impossible Foods has slashed prices in a bid to capture market share from Beyond Meat ahead of a potential IPO.
Additionally, Tyson Foods (TSN) is set to launch plant-based hamburgers and sausages ahead of the summer grilling season. Beyond's stock initially dipped on that news.
Shares of Beyond Meat have risen 21% over the last 12 months, giving the company a market value of just over $7.5 billion.
Recent BYND News
- Beyond IV, the Fourth Generation of the Beyond Burger® and Beyond Beef®, Debuts at Grocery Stores Across the U.S. Including at Walmart and Kroger • GlobeNewswire Inc. • 04/18/2024 01:00:00 PM
- Beyond Meat® Unveils New and Expanded Line of Beyond Crumbles, Now Certified by the American Heart Association’s Heart-Check Program and the American Diabetes Association’s Better Choices for Life Program • GlobeNewswire Inc. • 03/28/2024 01:00:00 PM
- Form 4/A - Statement of changes in beneficial ownership of securities: [Amend] • Edgar (US Regulatory) • 03/09/2024 01:04:22 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 02:45:57 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 02:43:54 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 02:33:38 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 01:04:58 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 01:04:46 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 01:04:07 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 01:03:55 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 01:03:42 AM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 03/01/2024 01:50:38 PM
- US Stock Movers Before Market: Beyond Meat, eBay, First Solar, Urban Outfitters… • IH Market News • 02/28/2024 12:08:14 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/27/2024 09:15:18 PM
- Beyond Meat® Reports Fourth Quarter and Full Year 2023 Financial Results • GlobeNewswire Inc. • 02/27/2024 09:05:00 PM
- US Index Futures Slightly Rise; Bitcoin Reaches 2021 High • IH Market News • 02/27/2024 11:16:30 AM
- Beyond Meat® Unveils Its Beyond IV Platform, the Fourth Generation of the Beyond Burger® and Beyond Beef®, With Significant Advancements Across Taste, Health and Clean Label • GlobeNewswire Inc. • 02/21/2024 02:00:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/13/2024 10:09:51 PM
- Beyond Meat® to Report Fourth Quarter and Full Year 2023 Financial Results on February 27, 2024 • GlobeNewswire Inc. • 02/13/2024 09:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/09/2024 01:03:10 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/19/2024 01:00:28 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/19/2024 01:00:16 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/08/2024 10:03:20 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/05/2024 09:34:27 PM
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