Plant-based protein company Beyond Meat (NASDAQ: BYND) will be announcing earnings results this Wednesday after market hours. Here’s what investors should know.
Beyond Meat missed analysts’ revenue expectations last quarter, reporting revenues of $61.59 million, down 19.7% year on year. It was a disappointing quarter for the company, with revenue guidance for next quarter missing analysts’ expectations significantly and a significant miss of analysts’ adjusted operating income 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 13.3% year on year, a further deceleration from the 9.1% decrease it recorded in the same quarter last year.
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 multiple times over the last two years.
Looking at Beyond Meat’s peers in the perishable food segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Cal-Maine’s revenues decreased 53% year on year, beating analysts’ expectations by 3.8%, and Tyson Foods reported revenues up 4.4%, topping estimates by 1%. Cal-Maine traded down 1.3% following the results.
Read our full analysis of Cal-Maine’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 1.3% on average over the last month. Beyond Meat is up 59.5% during the same time and is heading into earnings with an average analyst price target of $0.66 (compared to the current share price of $0.94).
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