Which Segment Dragged on Beyond Meat in Q2?
When Beyond Meat Inc. (NASDAQ: BYND) reported its most recent quarterly results after the markets closed on Tuesday, the faux meat firm posted a net loss of $0.02 per share and $113.3 million in revenue. The consensus estimates had called for a net loss of $0.02 per share and revenue of $99.84 million. The fiscal second quarter of last year reportedly had a per-share net loss of $0.05 and $67.3 million in revenue.
During the latest quarter, net revenues increased by 68.5% year over year. Growth in volume sold was driven mainly by increased retail channel sales, resulting from distribution gains both domestically and abroad, higher sales velocities at existing retail customers and contribution from new product introductions.
In terms of the breakdown, Beyond Meat’s Retail segment revenue increased 192% year over year to $99.6 million, and the Restaurant and Foodservice segment revenue decreased 58.6% to $13.7 million.
Beyond Meat has still suspended its outlook for the 2020 full year. The firm said that while many of the company’s foodservice customers have reopened, demand has been increasing in that segment, but retail has been especially strong and this looks to improve as reopening continues. Consensus estimates call for $0.07 in earnings per share and $129.54 million in revenue for the coming quarter.
On the books, cash and cash equivalents totaled $222.3 million at the end of the quarter, with total outstanding debt of $50.0 million.
Shares of Beyond Meat traded down about 6% on Wednesday, at $133.25 in a 52-week range of $48.18 to $172.29. The consensus price target is $110.96.
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