BEYOND MEAT Reports Second Quarter Earnings for Fiscal Year 2023
August 13, 2023
🌥️Earnings Overview
BEYOND MEAT ($NASDAQ:BYND) reported a total revenue of USD 102.2 million for the second quarter of the fiscal year 2023, on June 30 2023, down by 30.5% from the same quarter in the prior year. The reported net income for this quarter was USD -53.5 million, a more favourable result than the -97.1 million reported in the same period in the previous year.
Market Price
The stock opened at $15.6 and closed at $15.3, down by 2.9% from the previous closing price of 15.7. Despite these positive figures, the market reacted negatively to the news due to the increasing competition in the plant-based food industry. This caused the BEYOND MEAT stock to close lower than its opening price of 15.6. However, this could be a short-term market reaction, given that many analysts are still optimistic about BEYOND MEAT’s future prospects as they continue to expand their presence and product offerings worldwide. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Beyond Meat. More…
| Total Revenues | Net Income | Net Margin |
| 356.82 | -281.09 | -77.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Beyond Meat. More…
| Operations | Investing | Financing |
| -172.89 | -53.61 | -0.52 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Beyond Meat. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 968.59 | 1.27k | -4.65 |
Key Ratios Snapshot
Some of the financial key ratios for Beyond Meat are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -3.8% | – | -71.9% |
| FCF Margin | ROE | ROA |
| -59.2% | 58.1% | -16.6% |
Analysis
At GoodWhale, we have conducted an analysis of BEYOND MEAT‘s financials. Our star chart provides an overview of the company’s performance, showing it to be strong in asset, medium in growth and weak in dividend, and profitability. We have also scored BEYOND MEAT on a health score of 2/10, which implies that it is less likely to sustain future operations in times of crisis. Furthermore, we have classified BEYOND MEAT as an ‘elephant’ company, meaning that it has a high amount of assets after deducting for liabilities. For investors looking to invest in such a company, they should consider the risks associated with BEYOND MEAT’s low health score. Furthermore, they should consider the long-term prospects of BEYOND MEAT given its asset strength and medium growth rate. Investing in BEYOND MEAT may be rewarding if done thoughtfully and strategically. More…
Peers
With the recent surge in popularity of plant-based meat products, many companies are scrambling to get a piece of the pie. Beyond Meat Inc, Tyson Foods Inc, Hormel Foods Corp, and Kellogg Co are all major players in the game, and they are all fighting for market share. Beyond Meat Inc has been one of the most successful companies in this space, but Tyson Foods Inc, Hormel Foods Corp, and Kellogg Co are all making moves to try to take away some of Beyond Meat’s market share. It is going to be interesting to see how this plays out over the next few years.
– Tyson Foods Inc ($NYSE:TSN)
Tyson Foods Inc has a market cap of 23.63B as of 2022, a Return on Equity of 18.58%. The company is a food company that produces and markets chicken, beef, pork, and prepared foods. It operates through four segments: Chicken, Beef, Pork, and Prepared Foods. The company has operations in the United States, Canada, Mexico, Brazil, the United Kingdom, Ireland, Continental Europe, China, and Asia.
– Hormel Foods Corp ($NYSE:HRL)
Hormel Foods Corporation is an American multinational manufacturer and marketer of consumer-branded meat and food products, many of which are sold under the company’s flagship brand, Hormel. The company was founded in 1891 and is headquartered in Austin, Minnesota. As of 2022, Hormel Foods had a market cap of $25 billion and a return on equity of 11.34%. The company’s products are sold in more than 90 countries around the world.
– Kellogg Co ($NYSE:K)
Kellogg Co is a public company that manufactures and markets cereal, snacks, and other food products. The company has a market capitalization of $24.99 billion as of April 2021 and a return on equity of 33.71%. Kellogg Co’s products are sold in more than 180 countries and include brands such as Kellogg’s, Pop-Tarts, Rice Krispies, and Cheez-It. The company has a history of strong financial performance, with revenue and earnings increasing in each of the last five fiscal years.
Summary
Beyond Meat reported their earnings results for the second quarter of 2023, with total revenue of USD 102.2 million, representing a decrease of 30.5% compared to the same quarter in the prior year. Net income was USD -53.5 million, which is better than the -97.1 million reported in the same period in the previous year. This could be an indication that Beyond Meat is recovering from its prior financial struggles. Investors should carefully analyze the company’s current financial numbers as well as future prospects in order to determine the investment potential of Beyond Meat.
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