Just like its shares, Beyond Meat Inc. sales are growing faster than expected, and the company plans to sell more of both products.
Beyond Meat BYND, -5.44% on Monday afternoon said that sales nearly quadrupled from a year ago, reporting a second-quarter loss of $9.4 million, or 24 cents a share, on sales of $67.3 million, after losses of $7.4 million on revenue of $17.4 million a year ago. Earnings before interest, income taxes, amortization and depreciation, and adjusted to strip out stock-based compensation and other expenses, came in at a gain of $6.9 million.
Beyond Meat stock has performed beyond any expectations so far on the public markets, surging to nine time its IPO price of $25 a share. The stock closed with a 5.4% decline at $222.13 on Monday, giving it a market value of $13.4 billion at the close, according to FactSet. The S&P 500 index SPX, -0.16% has gained about 3.6% since Beyond Meat went public.
About a third of the 3 million shares offered will come from venture-capital shops Kleiner Perkins Caufield & Byers and Obvious Ventures, with Kleiner Perkins planning to sell about 600,000 shares and Obvious selling about 350,000 shares. Chief Executive Ethan Brown plans to sell about 39,000 shares, Chief Financial Officer Mark Nelson will sell 55,530 shares, and employees not listed in the registration offering will sell more than 41,000 shares.
In Monday’s report, Beyond Meat again raised expectations for the rest of the year, increasing its annual revenue forecast from a minimum of $210 million to at least $240 million. The company now says that it will post positive adjusted Ebitda for the full year, largely thanks to that metric’s expulsion of stock-based compensation, which totaled more than $1.8 billion in the second quarter largely due to the IPO.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Here's what to expect from Beyond Meat earningsSince its May initial public offering, the stock is up 775% and has drawn interest from short sellers.
Baca lebih lajut »
The Prospect Of Beyond Meat Bacon Has Investors Sizzling With ExcitementBeyond Meat, one of the two big players in plant-based meat, caused a buzz this week with word that it's developing a plant-based bacon.
Baca lebih lajut »
The earnings menu: Beyond Meat, Apple and a big bag of chipsBeyond Meat Inc. will be the appetizer for the coming week of earnings reports, with Apple Inc. as the main course and Big Oil serving as a dessert.
Baca lebih lajut »
Beyond Meat shares tank ahead of earnings even though traders are expecting a beatBeyond Meat Inc. shares fell sharply Monday, ahead of the company's second-quarter earnings expected after the bell, even though hopes for the plant-based...
Baca lebih lajut »
Beyond Meat slips ahead of earnings as analysts wonder if shares are overstretchedNo analysts analysts that cover Beyond Meat have a 'buy' rating on the company's shares. The stock is up more than 800% since its IPO.
Baca lebih lajut »
Beyond Meat hype rivals that of bitcoin and could share the same fateBeyond Meat's stock has surged more than 700% since its initial public offering this spring, but short sellers are betting that it will drop.
Baca lebih lajut »