Beyond Meat Earnings Go Beyond the Pale for Investors
When Beyond Meat Inc. (NASDAQ: BYND) reported its most recent quarterly results after the markets closed on Monday, the faux meat firm posted a net loss of $0.28 per share and $94.4 million in revenue. The consensus estimates had called for $0.05 in earnings per share (EPS) and revenue of $132.18 million. The third quarter of last year reportedly had EPS of $0.06 on $91.96 million in revenue.
During the latest quarter, net revenues increased by 2.7% year over year. Growth in net revenues was primarily due to increased retail channel sales, largely offset by a decline in foodservice channel sales due to the continued impact of COVID-19 on foodservice demand levels.
In terms of the breakdown, Beyond Meat’s Retail segment revenue increased 38.8% year over year to $70.03 million, and the Restaurant and Foodservice segment revenue decreased by 41.2% to $24.40 million.
Beyond Meat still has suspended its outlook for the 2020 full year. The firm said that this ongoing evolution in consumer demand patterns across retail and foodservice channels has added a higher degree of uncertainty to the company’s ability to forecast demand beyond a limited timeframe. Consensus analyst estimates call for $0.13 in earnings per share and $479.77 million in revenue for the year.
On the books, Beyond Meat’s cash and cash equivalents totaled $214.6 million at the end of the quarter, with total outstanding debt of $50.0 million.
Beyond Meat stock traded down about 21% to $118.69 early Tuesday, in a 52-week range of $48.18 to $197.50. The consensus price target is $129.21.
Chipotle to open its first pickup-only location this weekend
Chipotle Mexican Grill said Wednesday it is opening a location that only accepts digital orders and has no dining area as the pandemic continues to empty restaurants.
The new facility — slated to open on Saturday in Highland Falls, NY, just outside the US Military Academy at West Point — will only serve pickup and delivery orders that are placed on Chipotle’s app, website or through other delivery companies.
The location, called a Chipotle Digital Kitchen, makes food available for pickup in a lobby space inside. Chipotle said it will open more locations in urban areas where space is limited and order volumes are greater.
Chipotle is testing the concept as the pandemic has forced more fast-food restaurants to lean into digital ordering and drive-thru lanes. McDonald’s said last month that its drive-thru business has increased dramatically since March, accounting for 70 percent of its sales during the pandemic. Pizza chains like Papa John’s and Domino’s, which already operate many pickup-only locations, have thrived.
“With digital sales tripling year-over-year last quarter, consumers are demanding more digital access than ever before,” chief technology officer Curt Garner said in a statement.
Chipotle’s shares were up by more than 2 percent in pre-market trading on Wednesday after closing down 2.7 percent to $1,243.05 on Tuesday.
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Snapped tree crashes into parked car in Auckland CBD
A tree has snapped and crashed into a parked car in Auckland’s St Patrick’s Square, causing severe damage to the vehicle.
The impact has shattered the car’s windscreen and crushed the roof.
Georgia Announces a Full Hand Recount of the Presidential Race
Atlanta (AP) — Georgia’s secretary of state has announced a full hand recount of the presidential race; Biden leads by about 14,000.
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College Football Woe Deepens With 17 Games Disrupted in November
In just the first two weeks of November, 17 college football games have been canceled or postponed because of Covid-19 outbreaks among teams, according todata from CBS Sports.
That’s equal to the total for all of October. Seven games scheduled for this upcoming weekend have already been affected as of Wednesday morning.
That includesfour matchups in the Southeastern Conference, college football’s marquee division. TheUniversity of Alabama, the top-ranked team in the country, had its game against defending national championLouisiana State University postponed on Tuesday.
The changes will leave broadcasters including CBS and ESPN rushing to fill holes in their schedules. ESPN’s weekly “College GameDay” talk show, which is normally held at the site of one of the biggest games, won’t have to reroute, however: It’s taking place this week from the Masters golf tournament in Augusta, Georgia.
BioNTech Q3 Loss Widens
German biotech firm BioNTech SE (BNTX) reported that its third-quarter net loss attributable to equity holders of the parent widened to 210.03 million euros or 0.88 euros per share from last year’s 30.10 million euros or 0.14 euros per share.
Total revenue, consisting primarily of revenue from collaboration agreements, surged to 67.5 million euros from 28.7 million euros in the previous year.
BioNTech expects net cash used in operating activities and for purchases of property and equipment to be within the previously guided range of 450 million euros and 600 million euros for the full year 2020.
On Monday, Pfizer Inc. (PFE) and BioNTech said that their coronavirus vaccine candidate, BNT162b2, was found to be more than 90 percent effective in preventing COVID-19 among patients without prior evidence of infection.
The companies plan to submit for emergency use authorization to the FDA after accumulating two months of safety data, which is expected to be available by the third week of November.
The companies expect to produce globally up to 50 million vaccine doses in 2020 and up to 1.3 billion doses in 2021.