Beyond Meat Inc (NASDAQ: BYND) stock rally continues

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Beyond Meat Inc (NASDAQ: BYND) stock surged 19.02% on January 14th, 2020, and the stock has soared 42% in a week. The stock continues its bullish momentum, rising over 10.63% in the pre-market session of January 14th, 2020 (Source: Google finance). The rally came despite the new product announcements from competitors, as Impossible Foods was adding pork and sausage to its plant-based meat lineup, and Kroger Co. announced the launching of “Emerge: Plant Based Fresh Meats.” Meanwhile, the some of the positive vibe on BYND is due to the anticipation that more restaurant chain partnerships are on the way.

On the other hand, for FY 19, the company expects net revenues to be in the range of $265 million to $275 million, updated from its prior expectation of net revenues to be more than $240 million and Adjusted EBITDA to be approximate $20 million.

The Company had generated cash and cash equivalents of $312.5 million as of September 28, 2019 and total outstanding debt was $30.5 million. Net cash used in operating activities had decreased to $18.3 million for the nine months ended September 28, 2019, compared to $24.4 million for the prior-year period. The company had incurred the total capital expenditures of $16.9 million for the nine months ended September 28, 2019 compared to $18.3 million for the prior-year period.

Moreover, the company had delivered 250% increase in the bet revenues to $92.0 million in the third quarter of 2019 compared to $26.3 million in the third quarter of 2018. The growth in net revenues in the third quarter of 2019 was mainly due to an increase in sales volumes of products in Beyond Meat’s fresh platform across retail, restaurant and foodservice channels, on the back of expansion in the number of points of distribution, that includes new strategic customers, international customers, and greater demand from existing customers. Gross profit had increased to $32.8 million, or 35.6% of net revenues, in the third quarter of 2019, compared to $5 million, or 19.2% of net revenues, in the year-ago period. The increase in gross profit and gross margin was mainly due to an increase in the volume of products sold, which has resulted in operating leverage and production efficiency improvements. A greater proportion of gross revenues from the Company’s fresh platform also contributed to the increase in the gross margin. The company had reported the net income of $4.1 million in the third quarter of 2019 compared to a net loss of $9.3 million in the prior-year period.

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