Beyond Meat (BYND) stock falls 6% before hours today on Q2 earnings
August 5, 2020
Beyond Meat (BYND) stock news
Beyond Meat (BYND) stock price at the close on August 4, 2020, was 142.25+7.93 (+5.90%). Before the stock market open trading session today the stock was down more than 6% at 132.79 -9.46 (-6.65%), before hours: 7:33 AM EDT. What were the Q2 2020 earnings for BYND stock?
“Beyond Meat’s (BYND) earnings release on Tuesday will do its best job at swatting away a pack of bears on Wall Street that have hit the stock lately.
The plant-based meat’s founder and CEO Ethan Brown tells Yahoo Finance the quarter reflects strong momentum in retail stores as it has moved to make its burgers more affordable and expand distribution during the COVID-19 pandemic. Beyond’s U.S. retail sales surged 194.9% from a year ago and by 166.7% overseas. Food service sales in the U.S. and overseas fell 60.7% and 56.5%, respectively, from last year.
Here’s how Beyond Meat performed compared to Wall Street estimates in the second quarter. The results below reflect adjusted numbers. Beyond says it had $5.9 million in one-time costs related to repackaging products to meet retail demand related to COVID-19. Including those costs, Beyond reported a net loss of 16 cents a share in the quarter.
Net Sales: $113.3 million versus estimates for $99 million
Adjusted Gross Margin: 34.9% versus estimates for 33.61%
Adjusted Loss per Share: 2 cents versus estimates for 2 cents
Full Year Guidance: None provided; Beyond Meat suspected guidance back in”
Beyond Meat (BYND) stock chart