Beyond Meat reported Q1 earnings that beat wall street analyst expectations today as concerns about a meat-shortage grow as the COVID-19 pandemic continues to place pressure on the meat supply chain.
BYND’s results came in as follows:
- Net Sales: $97M vs. estimates for $88.2M
- Gross Margin: 38.8% vs. estimates for 30.73%
- Diluted EPS: 3 cents a share vs. estimates for loss of 7 cents a share
- 2020 Guidance: company pushed its full-year guidance for sales of $490M to $510M
“I am proud of our first quarter financial results which exceeded our expectations despite an increasingly challenging operating environment due to the COVID-19 health crisis. The health and safety of our employees and their families is our top priority and we have implemented a series of measures to minimize risks while supporting business continuity. Among other things, these include the creation of an internal task force to actively monitor new developments and maintain a constant dialog with health officials; implementation of various physical distancing and preventative hygienic protocols within our facilities; and increased frequency of our inventory reviews to ensure sufficient floor stocks of key inputs to mitigate against business disruption. During this unprecedented time, we remain steadfast in our resolve to continue to provide great-tasting plant-based meats to consumers, to solidify our support to our retail and foodservice customers, and to continue to lead the global plant-based meat movement.” – Ethan Brown, Beyond Meat’s Founder, President, and Chief Executive Officer.
The company also recently announced that they are entering China via their Starbucks (SBUX) relationship.
The Company will host a conference call and webcast to discuss these results with additional comments and details today at 4:30 p.m. Eastern, 1:30 p.m. Pacific. The conference call webcast will be available live over the Internet through the “Investors” section of the Company’s website at www.beyondmeat.com. Investors interested in participating in the live call can dial 866-221-1171 from the U.S. or 270-215-9602 from international locations. A telephone replay will be available approximately two hours after the call concludes through Wednesday, May 20, 2020, by dialing 855-859-2056 from the U.S., or 404-537-3406 from international locations, and entering confirmation code 5337749.
Beyond Meat, Inc. (BYND) is one of the fastest-growing food companies in the United States, offering a portfolio of revolutionary plant-based meats. Founded in 2009, Beyond Meat has a mission of building meat directly from plants, an innovation that enables consumers to experience the taste, texture and other sensory attributes of popular animal-based meat products while enjoying the nutritional and environmental benefits of eating its plant-based meat products. Beyond Meat’s brand commitment, Eat What You Love™, represents a strong belief that by eating its portfolio of plant-based meats, consumers can enjoy more, not less, of their favorite meals, and by doing so, help address concerns related to human health, climate change, resource conservation and animal welfare. Beyond Meat’s portfolio of plant-based proteins are sold at approximately 94,000 retail and foodservice outlets in 75 countries worldwide as of March 28, 2020. Visit www.BeyondMeat.com to learn more.
Shares of BYND hit a session high of $120.88 and is currently trading at $119.58/share up 19.55%. The 52-wk high is $239.71.