Packages of Beyond Meat Inc. beef crumble appear for a photograph in Tiskilwa, Illinois, USA, Tuesday, April 23, 2019.
Daniel Acker | Bloomberg | Getty Images
Beyond Meat is entitled to report earnings after Monday
The shares of the company fell as much as 7% in afternoon trading ahead of the report. Since the first public offering in May, the stock is up 775% and has drawn interest from short sellers. The shares have climbed too high for any Wall Street analyst to recommend buying the stock.
Here's what Wall Street expects, based on a survey of Refinitive analysts:
- Earnings per share: Loss of 8 cents per share [1
Beyond that, it expects $ 210 million in tax revenue in 2019, a number that doesn't include sales from restaurants that just tested the product. This would still mean that net sales would be more than double the previous year.
During the quarter, about half of Beyond Meat's revenue came from sales to restaurants. Since then, Tim Hortons has rolled out Beyond Meats imitation sausages and burgers to stores in Canada. This month, Beyond announced deals with Blue Apron and Dunkin & # 39;
Rival Impossible Foods has also managed to partner with major national restaurant chains such as Burger King and Little Caesars, but there are some prominent holdouts in the trend, including Yum Brands & # 39; Taco Bell & McDonald's .
Beyond CEO Ethan Brown said last quarter at the company's conference call that it has the opportunity to collaborate with the world's largest fast food chains, given the right time and structure.
In June, the company also launched a "cooler" version of its vegan Beyond Burger in grocery stores. The update to the recipe came when traditional food companies like Nestle and Tyson Foods announced their own plant-based products.
In addition to improving its burger recipe, Beyond has also developed new products from elsewhere in the meat case such as bacon, but does not yet have a release date.