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
$BYND from $220 to $20 that must hurt 😬
come up with names adjectives etc that aren't used for cow beef pork turkey lamb and so on. false advertising otherwise.
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