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Jul 03, 2021
Beyond Meat Q2 2021 Earnings Report
Reported record net revenues and a return to growth in foodservice, with retail performance showing year-over-year growth despite cycling the previous year's demand surge.
Key Takeaways
Beyond Meat reported a 31.8% increase in net revenues to $149.4 million for the second quarter of 2021. The growth was driven by increased foodservice channel sales and international retail distribution. However, the company experienced a net loss of $19.7 million, or $0.31 per share.
Net revenues increased by 31.8% year-over-year to $149.4 million.
Foodservice channel net revenues increased by 218% year-over-year.
Gross profit was $47.4 million, with a gross margin of 31.7%.
Net loss was $19.7 million, or $0.31 per common share.
Beyond Meat
Beyond Meat
Beyond Meat Revenue by Segment
Revenue by Segment
U.S. Retail Revenue
CapyFin.comU.S. Foodservice Revenue
CapyFin.comInternational Retail Revenue
CapyFin.comInternational Foodservice Revenue
CapyFin.com Forward Guidance
The Company anticipates net revenues to be in the range of $120 million to $140 million for the third quarter of 2021, representing an increase of 27% to 48% compared to the third quarter of 2020.
Positive Outlook
- Continued recovery in foodservice channels compared to the prior year
- Reasonable containment of COVID-19 infection rates both in the U.S. and abroad.
- Third quarter guidance range reflects management's expectations of a sequential moderation in growth in foodservice channels following pipeline restocking activity in the second quarter of 2021.
- Expectation that U.S. retail channels will benefit less from Fourth of July sales in the third quarter of 2021 given that there were 5 fewer shipping days in the third quarter of 2021 leading up to July 4th compared to the year-ago period.
- Advancement of overall cost-down program.
Challenges Ahead
- Near-term uncertainty related to COVID-19 and its potential impact on retail and foodservice demand levels.
- Expected dampening of U.S. and international foodservice revenue growth due to recent losses of distribution and operator challenges due to labor issues.
- General caution in light of uncertainty surrounding COVID-19 infection rates, particularly due to the Delta variant.
- Potential impact on retail and foodservice demand levels.
- Possible disruption of demand patterns due to the recent uptick of COVID-19 cases.
Revenue & Expenses
Visualization of income flow from segment revenue to net income