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Beyond Meat Reports on Q3 of 2021
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11/10/2021 |
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 In a press release dated November 10th Beyond Meat Inc. (BYND) announced results for the 3rd Quarter ending October 2nd.
The following table summarizes the results for the period compared with the values for the corresponding 3rd quarter of the previous fiscal year ending September 26th. (Values expressed as US$ x 1,000 except EPS)
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3rd Quarter Ending
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October 2nd
2021
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September 26th 2020
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Difference (%)
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Sales1:
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$106,432
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$94,436
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+12.7
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Gross profit:
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$22,976
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$25,528
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-10.0
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Operating income:
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$(53,998)
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$(18,456)
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-192.5
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Pre-tax Income
Net Income
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$(54,244)
$(54,816)
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$(19,230)
$(19,285
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-182.0
-184.2
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Diluted earnings per share:
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$(0.87)
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$(0.31)
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-180.7
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Gross Margin (%)
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21.6
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27.0
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-20.0
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Operating Margin (%)
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(50.7)
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(19.5)
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-160.0
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Profit Margin (%)
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(51.5)
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(20.4)
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-152.0
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Long-term Debt and leases:
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$1,150,977
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$11,942
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+9,538
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12 Months Trailing:
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Return on Assets (%)
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(4.5)
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Return on Equity (%)
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(28.3)
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Operating Margin (%)
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(15.8)
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Profit Margin (%)
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(20.1)
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Total Assets
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$1,432,374
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$468,002
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+266.1
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Intraday Market Capitalization
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$6,310,000
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1. Revenue segmentation:-
Retail Channel: $73,752 with 70.9 percent U.S. (U.S. down 13.9 percent)
Food Service Channel: $32,680 with 46 percent U.S. (International up 142.5 percent)
Claimed average unit revenue $5.35/lb.
R&D expense increased 79.5 percent from Q3 2020 to $14.8 million.
52-Week Range in Share Price: $91.55 to $221.00 50-day Moving average $103.60
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"it's been downhill from here" |
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Market Close pre-release Nov 10th $94.98 After Hours post-release $76.88 (-18.6 percent)
Beta 1.5
Shareholding:-
Insiders 10.8 percent; Institutions 55.4 percent. Short of Float Oct. 25th 32 percent
Beyond Meat President and CEO Ethan Brown commented, "Our third quarter results reflect variability as we saw a decline from record net revenues just a quarter ago. Despite current disruptions, we remain focused on rapidly advancing key building blocks of long-term growth. Whether scaling products and infrastructure for our strategic quick serve restaurant partners, bringing new product to retail markets, or investing in innovation, commercialization, and production capabilities here in the U.S., EU, and China, we believe we are steadily executing against our vision of being tomorrow’s global protein company."
Brown added, "Near-term market and operating conditions notwithstanding, we remain committed to our long-term strategy. As we continue to advance the field of plant-based meat through innovation and bold investment in domestic and global operations, the consumer is only being made more aware of the relevance and urgency of our mission. And although we see continued uncertainty for the balance of this year, we look to 2022 with enthusiasm as we expect to bring to life, together with our strategic partners, product and production capacity that we’ve been steadfastly investing in throughout the pandemic."
Guidance for Q4 was restricted to a projection of revenue ranging from $85 million to $110 million.
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Copyright © 2024 Simon M. Shane
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