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Beyond Meat losses mount on product launches, deep discounts; shares slump

(Reuters) -Beyond Meat Inc's quarterly losses ballooned, as the plant-based protein maker spent heavily on product launches and offered big discounts as it tried to guard its...
Beyond Meat losses mount on product launches, deep discounts; shares slump © Reuters. FILE PHOTO: A Beyond Meat Sausage is seen on display at a store in Manhasset, New York, U.S., June 3, 2019. REUTERS/Shannon Stapleton

(Reuters) -Beyond Meat Inc's quarterly losses ballooned, as the plant-based protein maker spent heavily on product launches and offered big discounts as it tried to guard its market share against deep-pocketed players and nimble upstarts.

The company's stock slid 20% in extended trading on Wednesday, as Beyond Meat (NASDAQ:BYND) reported a gross margin of 0.2% for the first quarter ended April 2, a 30 percentage point slide from a year earlier.

The company blamed higher manufacturing and shipping costs as well as its move to launch a plant-based jerky with PepsiCo (NASDAQ:PEP) Inc for poor quarterly performance.

"To launch a first-time product at such a large scale and prior to the establishment of our own dedicated and streamlined process, we had to do so in an expensive and inefficient manner," Chief Financial Officer Philip Hardin said on an earnings call.

The company is also battling competition from Tyson Foods Inc (NYSE:TSN) and Kellogg (NYSE:K) Co, which are spending heavily to cater to the craze for plant-based meat, forcing Beyond Meat to offer deep discounts on its products.

"Investors are going to be increasingly questioning BYND's path to profitability, which isn't good for the shares in a rising interest rate environment," CFRA Research analyst Arun Sundaram wrote in a client note.

Beyond Meat reported a per-share loss of $1.58 in the first quarter, compared with 43 cents a year earlier and much wider than the market expectation of $1.01.

Sundaram also said Beyond Meat has burnt nearly $580 million over the past year, raising the likelihood of a capital raise by the end of 2022.

Omicron-induced decline in sales to restaurants weighed on Beyond Meat's revenue, which barely rose to $109.5 million in the latest quarter, missing Wall Street's expectations of $112.3 million, according to IBES data from Refinitiv.

Shares of the company have shed nearly 60% this year.

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21-05-2022 03:13:17 (UTC+7)

EUR/USD

1.0555

-0.0031 (-0.29%)

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↑ Buy

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EUR/USD

1.0555

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0.7037

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Adidas AG

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    EUR/USD 1.0555 ↑ Buy  
    GBP/USD 1.2486 Buy  
    USD/JPY 127.89 ↑ Buy  
    AUD/USD 0.7037 ↑ Sell  
    USD/CAD 1.2837 ↑ Buy  
    EUR/JPY 134.98 ↑ Buy  
    EUR/CHF 1.0292 ↑ Buy  
    Gold 1,843.92 ↑ Buy  
    Silver 21.750 Neutral  
    Copper 4.3030 Sell  
    Crude Oil WTI 110.72 Buy  
    Brent Oil 113.04 Sell  
    Natural Gas 8.082 ↑ Sell  
    US Coffee C 216.48 ↑ Buy  
    Euro Stoxx 50 3,657.03 ↑ Buy  
    S&P 500 3,902.50 ↑ Buy  
    DAX 13,981.91 Buy  
    FTSE 100 7,389.98 Neutral  
    Hang Seng 20,717.24 ↑ Sell  
    Small Cap 2000 1,774.30 ↑ Buy  
    IBEX 35 8,484.50 Neutral  
    BASF 48.850 Buy  
    Bayer 63.74 Buy  
    Allianz 195.58 Buy  
    Adidas 172.80 Buy  
    Lufthansa 6.852 ↑ Sell  
    Siemens AG 115.08 Neutral  
    Deutsche Bank AG 9.362 Buy  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,875/ 6,975
(0/ 0) # 1,795
SJC HCM6,890/ 6,980
(0/ 0) # 1,798
SJC Hanoi6,890/ 6,982
(0/ 0) # 1,800
SJC Danang6,890/ 6,982
(0/ 0) # 1,800
SJC Nhatrang6,890/ 6,982
(0/ 0) # 1,800
SJC Cantho6,890/ 6,982
(0/ 0) # 1,800
Cập nhật 21-05-2022 03:13:20
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ↀ Giá vàng thế giới
$1,845.18 +2.92 0.16%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩm Vùng 1 Vùng 2
RON 95-V30.58031.190
RON 95-III29.98030.570
E5 RON 92-II28.95029.520
DO 0.05S26.65027.180
DO 0,001S-V27.45027.990
Dầu hỏa 2-K25.16025.660
ↂ Giá dầu thô thế giới
WTI $110.37 -1.67 -1.53%
Brent $111.10 -1.32 -1.20%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.000,0023.310,00
EUR23.879,5425.217,23
GBP28.128,1029.328,16
JPY176,49186,84
KRW15,8019,26
Cập nhật lúc 18:52:01 20/05/2022
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