![]() The two international divisions generally contribute roughly equal revenue for Beyond. Outside the U.S., grocery sales fell 17%, while restaurant sales increased 7%. Ahead if its first quarter fiscal 2022 earnings results Wednesday, the market has seemingly given up on Beyond Meat’s ability to beef up its growth, especially when considering that the stock. Prior to the pandemic, restaurants accounted for more than half of its sales, but the business has struggled to bounce back. grocery sales rose 2.2% in the quarter, offsetting a 2.4% decline of its restaurant business. Moreover, its meatless Beyond Jerky, made through a joint venture with PepsiCo, weighed on profit margins for the second consecutive quarter. The plant based meat company saw its shares rally more than 9 on the day, even after backing a. The company said it spent more on ingredients and manufacturing this quarter. Drew Angerer One of Thursday's biggest winners in the market was Beyond Meat ( NASDAQ: BYND ). However, the company will also spend roughly $1 million in separation costs that will impact its third-quarter results.įor the second quarter, Beyond Meat reported a net loss of $97.1 million, or $1.53 per share, wider than the net loss of $19.7 million, or 31 cents per share, a year earlier. ![]() The average Beyond Meat stock price prediction. grocery business and in Europe and the Middle East.Īs part of a push to spend less of its cash, Beyond said it will lay off about 4% of its global workforce, which is expected to save about $8 million on an annual basis. On average, Wall Street analysts predict that Beyond Meats share price could reach 13.00 by Jun 1, 2024. The company said inflation, rising interest rates and growing concerns about a recession were among the factors that drove the revised outlook.īeyond executives specifically pointed to weaker sales for Beyond Jerky, its broader U.S. With consumers pressured by inflation, Brown said Beyond customers are switching to cheaper private label meat alternatives or back to traditional meat.įor 2022, Beyond now expects revenue of $470 million to $520 million, down from its prior forecast of $560 million to $620 million. "We recognize progress is taking longer than we expected," CEO Ethan Brown said in a statement, referring to the company's push into mass market consumption with plant-based products that mimic meat.īeyond's meat substitutes are typically more expensive than traditional meat, but the company is seeking to achieve price parity in the near future. Today, its market cap sits around 3 billion. The company attributed the decline to changes in foreign exchange rates, increased discounts and sales to liquidation channels. At the time, Beyond Meat stock was one of the hottest IPOs in history and quickly became a 12 billion company after premiering at a valuation of about 1.5 billion. Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv: Personal Loans for 670 Credit Score or Lower According to Morningstar, the company’s three year trailing returns are -44.74, compared to the 6.61 generated by the packaged foods industry. Correction: This story was updated to reflect that Beyond Meat. Over the past year, the stock has fallen 83 from 77.53 to 13.45 at market close on 18 November 2022. Personal Loans for 580 Credit Score or Lower For 2022, Beyond expects full-year sales between 400 million to 425 million, reiterating the lower forecast it released in October. Analysts project the company’s earnings per share (EPS) to be -0.86, which has seen fiscal year 2023 EPS growth forecast to increase to -3.26 and about -2. All Rights Reserved.Best Debt Consolidation Loans for Bad Credit Beyond Meat Inc.’s market cap currently stands at around 791.48 million, with investors looking forward to this quarter’s earnings report slated for Aug 07, 2023. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2019 and/or its affiliates. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Beyond Meats management maintained its full-year revenue. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. The company had a negative gross profit margin in 2022 but its gross margin jumped to 6.7 in Q1. Factset: FactSet Research Systems Inc.2019. Create real-time notifications to follow any changes in the live stock price. ![]() Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. View todays Beyond Meat Inc stock price and latest BYND news and analysis.
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