Beyond Meat Boosts Outlook, After Revenue Grows 287%

The numbers are in.. and they are positive (but it’s all relative).

  • Q2 revenue printed $67.3 million (smashing expectations of $52.7 million) and up 2877% from the previous $17.4 million.

  • Q2 Adjusted EBITDA: $6.9 million, or 10.2% as a percentage of net revenues; up from a loss of $5.6 million in Q2, 2018

$14 Billion market cap Beyond Meat increased its full-year revenue forecast to $240 million (near the highest analyst estimate of $242 million)

The company has a solid cash buffer:

The Company’s cash was $277.0 million as of June 29, 2019 and total outstanding debt was $30.5 million. Net cash used in operating activities was $22.4 million for the six months ended June 29, 2019.

Capital expenditures totaled $7.5 million for the six months ended June 29, 2019 compared to $10.0 million for the prior-year period.

Adjusted EBITDA to be positive compared to prior expectations of break-even Adjusted EBITDA.

“We are very pleased with our second quarter results which reflect continued strength across our business as evidenced by new foodservice partnerships, expanded distribution in domestic retail channels, and accelerating expansion in our international markets. We believe our positive momentum continues to demonstrate mainstream consumers’ growing desire for plant-based meat products both domestically and abroad,” said Ethan Brown, Beyond Meat’s President and Chief Executive Officer.

“Looking ahead, we will continue to prioritize efforts to increase our brand awareness, expand our distribution channels, launch new innovative products, and invest in our infrastructure and internal capabilities in order to deliver against the robust demand we are seeing across our business.”

Beyond Meat closed down 5.4% ahead of earnings, its biggest decline since June 24, and notably – despite the huge beat and upside outlook – traders are not being squeezed to death yet…

What happens next?

via ZeroHedge News https://ift.tt/2GyySV6 Tyler Durden

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