Plant-based protein company Beyond Meat (NASDAQ: BYND) will be reporting results this Wednesday after market hours. Here’s what you need to know.
Beyond Meat missed analysts’ revenue expectations last quarter, reporting revenues of $58.21 million, down 15.3% year on year. It was a softer quarter for the company, with a significant miss of analysts’ EBITDA estimates and a significant miss of analysts’ gross margin estimates.
Is Beyond Meat a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Beyond Meat’s revenue to decline 18.9% year on year, in line with the 19.6% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Beyond Meat has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Beyond Meat’s peers in the perishable food segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Del Monte Corporation delivered year-on-year revenue growth of 3.1%, missing analysts’ expectations by 6.6%, and Tyson Foods reported flat revenue, falling short of estimates by 1%. Del Monte Corporation traded up 2.7% following the results.
Read our full analysis of Del Monte Corporation’s results here and Tyson Foods’s results here.
Investors in the perishable food segment have had steady hands going into earnings, with share prices up 1.4% on average over the last month. Beyond Meat is down 15.6% during the same time and is heading into earnings with an average analyst price target of $0.70 (compared to the current share price of $0.62).
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