Plant-based protein company Beyond Meat (NASDAQ:BYND) will be announcing earnings results tomorrow after the bell. Here’s what you need to know.
Beyond Meat beat analysts’ revenue expectations by 0.5% last quarter, reporting revenues of $81.01 million, up 7.6% year on year. It was a satisfactory quarter for the company, with an impressive beat of analysts’ EBITDA estimates.
Is Beyond Meat a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Beyond Meat’s revenue to grow 2.1% year on year to $75.24 million, a reversal from the 7.8% decrease it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.45 per share.
Analysts covering the company have generally 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 four times over the last two years.
Looking at Beyond Meat’s peers in the perishable food segment, some have already reported their Q4 results, giving us a hint as to what we can expect. Tyson Foods delivered year-on-year revenue growth of 2.3%, beating analysts’ expectations by 1%, and Freshpet reported revenues up 22%, falling short of estimates by 0.6%. Tyson Foods’s stock price was unchanged after the results, while Freshpet was down 23.2%.
Read our full analysis of Tyson Foods’s results here and Freshpet’s results here.
Inflation has progressed towards the Fed’s 2% goal as of late, leading to strong stock market performance. Recent rate cuts and the 2024 Presidential election's conclusion added further sparks to the market, and while some of the perishable food stocks have shown solid performance, the group has generally underpeformed, with share prices down 2.5% on average over the last month. Beyond Meat is down 5.1% during the same time and is heading into earnings with an average analyst price target of $4.86 (compared to the current share price of $3.86).
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