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Chick-News.com Poultry Industry News, Comments and more by Simon M. Shane

Beyond Meat Reports on Q1

05/12/2021

On May 6th, Beyond Meat Inc (BYND) reported on results for the first quarter of fiscal 2021 ending April 3rd. For the period, the company posted a net loss of $(27,266) on revenue of $108.1 million with a negative EPS of $(0.43).  Comparable values for Q1 ending March 28th were a profit of $1.8 million on net revenue of $97.1 million with an EPS of $0.03. Of total revenue, the U.S. accounted for 74 percent of which 79 percent was from retail and the remainder food service.

 

Comparing Q1 2021 with 2020 it is noted that although revenue increased by 11.5 percent, gross margin declined from 38 percent to 30 percent for the most recent quarter, suggesting an inability to achieve economies of scale or to constrain the costs of raw materials.  The company increased research and development expenses from $6.2 million to $15.9 million and SGA at $39.0 million showed a disproportionate increase relative to revenue. Beyond Meat posted total assets of $1.48 billion including cash and cash equivalents of $1.1 billion.  The company carries long-term liabilities of $1.1 billion.

 

Beyond Meat has a market capitalization of $6.6 billion and has traded over a 52-week period in a range of $100.82 to $221.00 with a 50-day moving average of $130.26.

 

The eye-watering forward P/E of 666 is inconsistent with the fundamentals of the company and . On a trailing twelve-month basis operating margin was -13.9 percent and profit margin -19.6 percent.  The company generated a negative return on assets of -3.7 percent and -25.0 percent on equity.  Prospects for the company as evaluated by institutional and professional investors is denoted by the fact that effective April 15th, 24.4 percent of the float was short.


 
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