Pio flunil Beyond Meat (NASDAQ:BYND), the leading maker of plant-based meat substitutes, is slated to report its third-quarter 2020 results on Monday, Nov. 9, after the market close. An earnings call is scheduled to follow at 4:30 p.m. EST.
Investors are probably approaching the report with optimism regarding revenue growth. In both reported quarters this year, the company breezed by Wall Street’s sales expectations. The COVID-19 pandemic has been providing a tailwind to the company’s retail business, driven by more consumers eating at home. This boost has been big enough to more than compensate for the struggles in the foodservice business, which has been hurt by widespread temporary indoor restaurant closures.
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Yet investors are likely feeling uncertainty with respect to bottom-line performance. In the first quarter, Beyond Meat crushed the analyst earnings consensus estimate. Shares rocketed 26% the day after the release. In the second quarter, however, bottom-line results “only” met expectations. This isn’t necessarily a negative — certainly not for long-term investors who shouldn’t be overly focused on any one quarter’s results. However, the company’s stock is richly valued, so merely meeting the consensus isn’t likely to satiate some investors. Shares fell 6.7% the day after the Q2 release.
In 2020, Beyond Meat stock is up 114% as of Oct. 27, compared with the femme de l'est rencontre S&P 500‘s 6.5% return. Shares have gained 548% since the company’s May 2019 initial public offering (IPO).
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