Beyond Meat said revenue got a boost from the launch of Beyond Meat Jerky through a collaboration with PepsiCo, but making the product hurt margins for the quarter.
Beyond Meat Inc. said revenue got a boost from the launch of Beyond Meat Jerky through a collaboration with PepsiCo Inc., but making the product hurt margins for the quarter.
Beyond Meat BYND, -4.32% Jerky debuted in March, the first product from the Planet Partnership LLC with PepsiCo PEP, -0.74%. While Chief Executive Ethan Brown talked up the success of the product on the earnings call, including an appearance on Amazon.com Inc.’s AMZN, -0.63% New Releases page, Mizuho analysts say “the early economics are weak,” and wonder whether the return on the product will justify the expense.
Beyond jerky, there were also troubles in the foodservice category. Beyond Meat said revenue was hurt by the loss of a customer, though the company didn’t specify which customer. CEO Brown said that March was “among the largest revenue months in our company’s history,” but the beginning of the quarter wasn’t as robust.
“We would not be surprised if Beyond Meat generated at least $100 million annually from its five main foodservice launches in 2022 with the ability to accelerate significantly if it can expand into more McDonald’s US locations before the end of the year,” BMO’s note said.See: U.S. plant-based food market value reaches a high of $7.4 billion, but industry faces rough path to further growth
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Beyond Meat Shares Tumble After Jerky Launch Leads to Wider-Than-Expected LossBeyond Meat reported a wider-than-expected loss for its first quarter as it offered steeper discounts and cheaper prices to international consumers.
Read more »
Trump’s Terrible Exec Order on Meat Plants Was Drafted by Meat CompaniesA bombshell report by the House Select Committee on the Coronavirus Crisis has exposed cooperation between meat-packing officials and Trump allies to keep food-processing plants open early on in the pandemic despite the known risks it posed to workers.
Read more »
'The Worst Draught' In Generations: 23 Apocalyptic Photos Of Lakes Drying Up In California And BeyondBoaters at Lake Mead recently found a barrel — exposed by dropping water levels — that contained human remains. Authorities say it won’t be the last.
Read more »
Texas freshman Justice Finkley’s aspirations go beyond footballTexas early enrollee Justice Finkley has the makings of a an elite edge rusher. But...
Read more »
'Beyond Shameful': Manchin Joins Senate GOP—Again—to Block Abortion RightsRep. Pramila Jayapal says it is \u0022clear that we urgently need not just a Democratic majority in the Senate, but a true pro-reproductive rights majority, as we have in the House.\u0022
Read more »
Beyond Meat's stock slides 26% on weak sales, widening lossBeyond Meat Inc.'s not-so-good 2022 took an ugly turn for the worse Wednesday with quarterly results that lacked sizzle.
Read more »