When Beyond Meat Inc. (NASDAQ: BYND) reported its most recent quarterly results after the markets closed on Monday, the faux meat firm posted a net loss of $0.28 per share and $94.4 million in revenue. The consensus estimates had called for $0.05 in earnings per share (EPS) and revenue of $132.18 million. The third quarter of last year reportedly had EPS of $0.06 on $91.96 million in revenue.
During the latest quarter, net revenues increased by 2.7% year over year. Growth in net revenues was primarily due to increased retail channel sales, largely offset by a decline in foodservice channel sales due to the continued impact of COVID-19 on foodservice demand levels.
In terms of the breakdown, Beyond Meat’s Retail segment revenue increased 38.8% year over year to $70.03 million, and the Restaurant and Foodservice segment revenue decreased by 41.2% to $24.40 million.
Beyond Meat still has suspended its outlook for the 2020 full year. The firm said that this ongoing evolution in consumer demand patterns across retail and foodservice channels has added a higher degree of uncertainty to the company’s ability to forecast demand beyond a limited timeframe. Consensus analyst estimates call for $0.13 in earnings per share and $479.77 million in revenue for the year.
On the books, Beyond Meat’s cash and cash equivalents totaled $214.6 million at the end of the quarter, with total outstanding debt of $50.0 million.
Beyond Meat stock traded down about 21% to $118.69 early Tuesday, in a 52-week range of $48.18 to $197.50. The consensus price target is $129.21.
24/7 Wall St.Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
