Plant Based Stock News Bites: Beyond Meat (NASDAQ: $BYND) Reports First Quarter 2020 Financial Results
First Quarter 2020 Net Revenues Increased 141% Year-Over-Year to $97.1 Million
Gross Profit Improved to $37.7 Million or 38.8% Gross Margin
Net income of $1.8 Million or $0.03 per Common Diluted Share
EL SEGUNDO, Calif. - May 6, 2020 (Investorideas.com Newswire) Plant Based Stock News Bites - Beyond Meat, Inc. (NASDAQ: BYND) ("Beyond Meat" or "the Company"), a leader in plant-based meat, reported financial results for its first quarter ended March 28, 2020.
First Quarter 2020 Financial Highlights Compared to Prior Year Period
- Net revenues were $97.1 million, an increase of 141%, compared to net revenues of $40.2 million in the year-ago period;
- Gross profit was $37.7 million, or 38.8% of net revenues, compared to gross profit of $10.8 million, or 26.8% of net revenues, in the year-ago period;
- Net income was $1.8 million, or $0.03 per common diluted share, compared to net loss of $6.6 million, or $0.95 per common share, in the year-ago period; and
- Adjusted EBITDA, which is a non-GAAP financial measure, was $12.7 million compared to an Adjusted EBITDA loss of $2.1 million in the year-ago period.
See "Non-GAAP Financial Measures" below for how Beyond Meat defines Adjusted EBITDA and the financial table that accompanies this release for a reconciliation of this measure to the closest comparable GAAP measure.
"I am proud of our first quarter financial results which exceeded our expectations despite an increasingly challenging operating environment due to the COVID-19 health crisis," said Ethan Brown, Beyond Meat's President and Chief Executive Officer. "The health and safety of our employees and their families is our top priority and we have implemented a series of measures to minimize risks while supporting business continuity. Among other things, these include the creation of an internal task force to actively monitor new developments and maintain a constant dialog with health officials; implementation of various physical distancing and preventative hygienic protocols within our facilities; and increased frequency of our inventory reviews to ensure sufficient floor stocks of key inputs to mitigate against business disruption. During this unprecedented time, we remain steadfast in our resolve to continue to provide great-tasting plant-based meats to consumers, to solidify our support to our retail and foodservice customers, and to continue to lead the global plant-based meat movement."
First Quarter 2020
Net revenues increased 141% to $97.1 million in the first quarter of 2020, compared to $40.2 million in the first quarter of 2019. Growth in net revenues in the first quarter of 2020 was primarily due to an increase in volume sold, partially offset by lower net price per pound. Growth in volume sold was driven mainly by expansion in the number of distribution points both domestically and abroad, higher sales velocities at existing retail customers, and contribution from new products introduced subsequent to the first quarter of 2019. During the quarter, specifically in the latter half of March, the Company experienced a reduction in sales to foodservice customers as a result of the ongoing COVID-19 health crisis.
Read the company's full news and disclaimer here:
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