Loading...
•
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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...