Beyond Meat (BYND) to report earnings tomorrow: here is what to expect
Plant-based protein company Beyond Meat (NASDAQ:BYND) will be announcing earnings results this Wednesday after market close. Here’s what to expect.
Beyond Meat beat analysts’ revenue expectations last quarter, reporting revenues of $68.83 million, down 8.2% 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’ EPS 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 8.9% year on year, improving from the 13.3% 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 consumer staples segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Pilgrim's Pride’s revenues decreased 2.2% year on year, missing analysts’ expectations by 0.8%, and Cal-Maine reported a revenue decline of 41.5%, falling short of estimates by 3.9%. Pilgrim's Pride traded up 4.7% following the results while Cal-Maine was down 4%.
Read our full analysis of Pilgrim's Pride’s results here and Cal-Maine’s results here.
There has been positive sentiment among investors in the consumer staples segment, with share prices up 8.3% on average over the last month. Beyond Meat is down 12.3% during the same time and is heading into earnings with an average analyst price target of $12.50 (compared to the current share price of $7.08).
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