BEYOND MEAT Reports Strong Second Quarter Earnings for FY2023
August 22, 2023
☀️Earnings Overview
BEYOND MEAT ($NASDAQ:BYND) released their second quarter FY2023 earnings results on June 30 2023. Total revenue for the quarter decreased by 30.5% to USD 102.2 million, compared to the same period in the previous year. Net income also improved from -97.1 million to -53.5 million in this quarter.
Stock Price
Despite the stock’s opening of $15.6, it closed at $15.3, down by 2.9% from the previous closing price of 15.7. BEYOND MEAT has continued to invest in its products and expand its global presence. It recently launched new plant-based chicken products in China, and launched its new Beyond Breakfast Sausage in Australia, New Zealand, and Canada. The company’s portfolio of innovative plant-based products have resonated with consumers around the world, and its continued investments will ensure that it remains a leader in the plant-based food space for years to come. 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 conducted an analysis of the wellbeing of BEYOND MEAT, and based on our Risk Rating, we have determined it to be a high risk investment. In terms of the financial and business aspects, our Risk Rating suggests that BEYOND MEAT has 3 risk warnings in its income sheet, balance sheet, and cash flow statement. If you’d like to review these warnings in detail, please register for an account on GoodWhale.com. We’ll help you to make sure that your investments are making the biggest impact for your portfolio. 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 second quarter earnings for 2023, with total revenue of USD 102.2 million, down 30.5% from the same period the previous year. Net income of -53.5 million was an improvement from last year’s -97.1 million, showing signs of recovery for the company. Investors should take into account the current market environment and business conditions when considering investing in Beyond Meat.
Although the company has improved its profitability compared to the prior year, the overall economic outlook remains uncertain and could impact its future earnings. A detailed analysis of Beyond Meat’s financials, operations, competition, and other factors is recommended before making an investment decision.
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