Will McDonald's, KFC launches help Beyond Meat top Street view in Q1?
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Beyond Meat (NASDAQ:BYND) is scheduled to announce Q1 results on Wednesday, May 11, after market close.
Consensus EPS estimate is -$0.98 (-133.3% Y/Y) and consensus revenue estimate is $111.6M (+3.2% Y/Y).
Over the last 2 years, BYND has beaten EPS estimates 13% of the time and revenue estimates 63% of the time.
Over the last 3 months, EPS estimates have seen 10 downward revisions. Revenue estimates have seen 9 downward revisions.
Piper Sandler cut BYND to Underweight over growing competition. It said the impact of a nationwide launch of the McPlant burger, product from BYND's partnership with McDonald's (MCD), may be overstated.
BTIG channel checks showed that initial sales of the McPlant burger at ~600 MCD restaurants underperformed expectations.
Updates on the Beyond Fried Chicken, product from BYND's partnership with Yum Brands' (YUM) KFC, and McPlant test runs will be of particular interest.
BYND stock fell after its weak Q4 results. Adj. gross margin fell to 28.5% of revenue due to lower revenue per pound, increased trade discounts and higher per unit manufacturing costs.
This led to brokerages lowering expectations. Bank of America expects slow start for Q1 sales and gross margin. Oppenheimer highlighted competitive headwinds and execution challenges.
SA contributor Karreta Advisors in a bearish analysis said BYDN has weak fundamentals and low-quality credit profile. But SA contributor Investor Trip is bullish on BYND, calling it the best plant-based vegan stock.
BYND stock declined 55.3% YTD and 71.8% in the last 1 year.
Recent news:

BYND stock skyrocketed last month after Fast Company reported that MCD executives commented favorably about the McPlant burger, highlighting its success in Europe. But MCD clarified that there were no new developments.
CNBC reported that BYND is expanding distribution of its meatless chicken tenders to 8K new grocery and pharmacy locations.
BYND and PepsiCo (PEP) launched Beyond Meat Jerky, the first product from the partnership between the 2 firms.