Plant-based protein company Beyond Meat (NASDAQGS:BYND) will be reporting earnings tomorrow after the bell. Here's what investors should know.
Beyond Meat met analysts' revenue expectations last quarter, reporting revenues of $75.6 million, down 18% year on year. It was a weak quarter for the company, with a miss of analysts' gross margin and earnings estimates.
Is Beyond Meat a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Beyond Meat's revenue to decline 13.5% year on year to $88.4 million, improving from the 30.5% decrease it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.52 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Beyond Meat has missed Wall Street's revenue estimates three times over the last two years.
Looking at Beyond Meat's peers in the perishable food segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Pilgrim's Pride delivered year-on-year revenue growth of 5.8%, missing analysts' expectations by 1.4%, and Fresh Del Monte Produce reported a revenue decline of 3.5%, falling short of estimates by 3.5%. Pilgrim's Pride traded up 2.3% following the results while Fresh Del Monte Produce was also up 10.8%.
Read our full analysis of Pilgrim's Pride's results here and Fresh Del Monte Produce's results here.
Investors in the perishable food segment have had steady hands going into earnings, with share prices up 1.8% on average over the last month. Beyond Meat is down 21.6% during the same time and is heading into earnings with an average analyst price target of $5.8 (compared to the current share price of $5.33).
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