Beyond Meat’s revenue from U.S. retail sales declined.
Drew Angerer/Getty Images
Beyond Meat issued a disappointing sales forecast as it reported weaker fourth-quarter results than expected, sending the stock lower in after-hours trading.
Beyond Meat (ticker: BYND) said it lost $80.4 million, or an adjusted $1.27 a share, as revenue fell 1.2% year over year to $100.7 million. Analysts were looking for the company to lose 70 cents a share on revenue of $101 million.
The maker of plant-based faux meat said it expects revenue of $560 million to $620 million for the full year, compared with the $611.2 million consensus estimate.
Beyond Meat stock closed up 3.4% to $49 in regular trading but was down 8.7% to $44.73 after the numbers came out.
In providing its forecast, Beyond Meat warned that its “operating environment continues to be affected by near-term uncertainty related to Covid-19 and its potential impact including on demand levels, labor availability and supply chain disruptions.”
As Barron’s noted ahead of the report, Beyond Meat’s stock tends to see big swings after its earnings disclosures. Investors are focused on sales and supply- chain issues, so uncertainty around those areas had the potential to hurt the shares.
While domestic restaurant sales did grow year over year for both the quarter and 2021 as a whole, its U.S. retail revenue declined in both periods. So while the company’s growing roster of high-profile restaurant partners is paying off, consumers still aren’t choosing Beyond Meat at the grocery store as much as hoped. And given that retail sales make up nearly three-quarters of sales, a miss in that category is more worrisome.
On the bright side, Beyond Meat’s international business, which accounts for about one-fifth of sales, saw both retail and restaurant revenue grow in the quarter and the year. In addition, the company’s sales forecast represents growth of 21% to 33% year over year, an acceleration from the 14% top-line growth it recorded in 2021.
Beyond Meat Stock Falls on Larger Loss, Downbeat Forecast
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Beyond Meat’s revenue from U.S. retail sales declined.
Drew Angerer/Getty Images
Beyond Meat issued a disappointing sales forecast as it reported weaker fourth-quarter results than expected, sending the stock lower in after-hours trading.
Beyond Meat (ticker: BYND) said it lost $80.4 million, or an adjusted $1.27 a share, as revenue fell 1.2% year over year to $100.7 million. Analysts were looking for the company to lose 70 cents a share on revenue of $101 million.
The maker of plant-based faux meat said it expects revenue of $560 million to $620 million for the full year, compared with the $611.2 million consensus estimate.
Beyond Meat stock closed up 3.4% to $49 in regular trading but was down 8.7% to $44.73 after the numbers came out.
In providing its forecast, Beyond Meat warned that its “operating environment continues to be affected by near-term uncertainty related to Covid-19 and its potential impact including on demand levels, labor availability and supply chain disruptions.”
As Barron’s noted ahead of the report, Beyond Meat’s stock tends to see big swings after its earnings disclosures. Investors are focused on sales and supply- chain issues, so uncertainty around those areas had the potential to hurt the shares.
While domestic restaurant sales did grow year over year for both the quarter and 2021 as a whole, its U.S. retail revenue declined in both periods. So while the company’s growing roster of high-profile restaurant partners is paying off, consumers still aren’t choosing Beyond Meat at the grocery store as much as hoped. And given that retail sales make up nearly three-quarters of sales, a miss in that category is more worrisome.
On the bright side, Beyond Meat’s international business, which accounts for about one-fifth of sales, saw both retail and restaurant revenue grow in the quarter and the year. In addition, the company’s sales forecast represents growth of 21% to 33% year over year, an acceleration from the 14% top-line growth it recorded in 2021.
Write to Teresa Rivas at [email protected]
Source: https://www.barrons.com/articles/beyond-meat-stock-earnings-51645742572?siteid=yhoof2&yptr=yahoo