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

Beyond Meat Reports on Q2 FY 2021

08/08/2021

In a press release dated August 5th. Beyond Meat Inc. (BYND) announced results for the second quarter ending July 3rd 2021.

 

The following table summarizes the results for the period compared with the values for the corresponding quarter of the previous fiscal year (Values expressed as US$ x 1,000 except EPS)

 

 

 

 

Second Quarter Ending

July 3rd 2021

June 27th 2020

Difference (%)

Sales:

$149,426

$113,338

+31.8

Gross profit:

$47,352

$33,651

+40.7

Operating income:

$(18,601)

$(8,166)

-127.8

Pre-tax Income

Net Income

$(19,443)

$(19,652)

$(10,189)

$10,205)

-90.8

-92.6

Diluted earnings per share:

$(0.31)

$(0.16)

-93.8

Gross Margin (%)

31.7

29.7

+6.7

Operating Margin (%)1

(12.5)

(7.2)

-73.6

Profit Margin (%)

(13.2)

(9.0)

-46.0

Long-term Debt:

$1,139,540

$11,942

12 Months Trailing:

Return on Assets (%)

(4.5)

Return on Equity (%)

(28.3)

Operating Margin (%)

(15.8)

Profit Margin (%)

(20.1)

Total Assets

$1,466,520

$468,006

+213.4

Market Capitalization

$7,812,000

Note 1. R&D increased from 6.0 million Q2 2020 to $13.8 million Q2 2021.

52-Week Range in Share Price: $99.86 to $221.00 50-day Moving average $135.58

Market Close Thursday Aug. 5th pre-release $121.86. Close Friday August 6th $127.87

Forward P/E 666 Beta 1.6

Of U.S. revenue (67 percent of total), 76 percent from Retail; 24 percent Food Service

Shareholding (percent): 11, insiders; 53, institutions; 36, retail. 19, short of float.


Founder and CEO. Ethan Brown

In reviewing Q2 results Ethan Brown CEO of Beyond Meat stated, "We are pleased to report record net revenues and the return to growth in foodservice as our customers welcomed consumers back to their venues. We are also proud of our retail performance, where we drove year-over-year growth despite cycling last year's demand surge driven by consumer panic-buying."


Competition in the "faux meat" case

Brown added, "We continue to make substantial investments in our long-term growth here in the U.S. and abroad, maintaining our focus on building innovation, production, and team capabilities for the future. We are thrilled with the response to our new Beyond Chicken product and the continued accolades we are receiving for our latest iteration of the Beyond Burger. I'm optimistic about what lies ahead. That said, given the recent uptick of COVID-19 cases, which could disrupt demand patterns, we believe caution for the balance of the year generally remains appropriate."

 

Recently Ethan Brown suggested a tax on real meat. This may be construed as a self-serving aspiration rather than a dispassionate, altruistic and eco-friendly sentiment.


 
Copyright © 2024 Simon M. Shane