Beyond Meat’s 2nd quarter sales are on fire, but the overall report is quite odd
The titan in the plant-based meat industry, Beyond Meat (BYND), reported their second-quarter earnings and revenue which happens to be a mix bag.
The company has been immensely successful with their sales, and on Monday afternoon
they stated that their sales nearly quadrupled the amount it earned in the same
period last year, which was $17.4 million.
The net revenue was $67.3 million which went beyond the expected revenue of $52.71 million. It was an increase of 287%.
However, unfortunately, the net loss was $9.4 million (a loss of $0.24 per common share), compared to the net loss of $7.4 million (a loss of $1.22 per common share) in 2018.
Reported by FactSet, according to Analysts’ consensus, the company was supposed to report losses of 9 cents a share on revenue of $52.5 million.
However, Beyond Meat CEO, Ethan Brown is satisfied with the sales. “We are very pleased with our second quarter results which reflect continued strength across our business as evidenced by new foodservice partnerships, expanded distribution in domestic retail channels, and accelerating expansion in our international markets. We believe our positive momentum continues to demonstrate mainstream consumers’ growing desire for plant-based meat products both domestically and abroad,” he said in a statement.
After releasing its earnings report, Beyond Meat announced a secondary offering of 3.25 million additional shares, and as a result, the share price went down 14% in after-hours trading.
The share price of Beyond Meat closed at $222.13 on July 29, 2019.
(Reference: CNBC, Market Watch, CNN Business, Yahoo Finance, AlphaStreet)
(Featured Image source: Beyond Meat)