Plant-based protein company Beyond Meat (NASDAQ: BYND) will be reporting results this Wednesday after market hours. Here’s what to look for.
Beyond Meat missed analysts’ revenue expectations by 8.3% last quarter, reporting revenues of $68.73 million, down 9.1% year on year. It was a disappointing quarter for the company, with a significant miss of analysts’ adjusted operating income estimates and a significant miss of analysts’ EBITDA estimates.
Is Beyond Meat a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Beyond Meat’s revenue to decline 12% year on year to $82.02 million, a further deceleration from the 8.8% decrease it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.39 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Beyond Meat has missed Wall Street’s revenue estimates three 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. Fresh Del Monte Produce delivered year-on-year revenue growth of 3.8%, beating analysts’ expectations by 2.2%, and Cal-Maine reported revenues up 72.2%, topping estimates by 21.3%. Fresh Del Monte Produce traded up 4.2% following the results while Cal-Maine was also up 13.6%.
Read our full analysis of Fresh Del Monte Produce’s results here and Cal-Maine’s results here.
Investors in the perishable food segment have had fairly steady hands going into earnings, with share prices down 1.1% on average over the last month. Beyond Meat is down 13.7% during the same time and is heading into earnings with an average analyst price target of $2.75 (compared to the current share price of $3.03).
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