Beyond Meat's (BYND) Mixed Q2, Sells Off 10%
The IPO darling of 2019, plant-based burger meat substitute Beyond Meat BYND, which had grown 780% since its initial public offering in early May, has reported a wildly mixed Q2 earnings report after Monday's close: -24 cents per share was three times lower than the Zacks consensus, while sales of $67.3 million outperfomed expectations by 13%. Shares of the Zacks Rank #3 (Hold)-rated company had been bobbing between negative and positive levels in the late session before falling hard 10%.
Revenue guidance for fiscal year 2019 was posted as $240 million -- well ahead of the $219.45 million our analysts had been considering. This would stand to reason that demand for the meat substitute is expected to remain strong throughout the rest of the year. Questions of scaling up production to meet demand will no doubt be addressed in the company's upcoming call.
Mid-morning Monday, shares took a dive beneath $207 per share for a spell, indicating some cautious profit-taking ahead of the company's report. At 60x forward revenues, this has quickly become a very expensive stock to own. Prior to the release, the Zacks Value-Growth-Momentum (VGM) score for the stock was D: F for Value, B for Growth, C for Momentum.
SoCal-based Del Taco TACO met earnings estimates for its Q2 earnings report at 13 cents per share. Revenues came in slightly above estimates to $121.5 million in the quarter. The company kept its full-year guidance intact, which fits with the Zacks consensus 50 cents per share. However, shares are trading down 5% on the news. post-market. For more on TACO's earnings, click here. https://www.zacks.com/stock/news/453092/del-taco-restaurants-taco-q2-earnings-meet-estimates
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Click to get this free report Del Taco Restaurants, Inc. (TACO) : Free Stock Analysis Report Beyond Meat, Inc. (BYND) : Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
