Source: Pexels | Author: Elle Hughes
Reading time: two minutes
At a time when Berkshire Hathaway posts a record net loss of nearly $50 billion due to the virus outbreak, the plant-based meat producer sits at the very opposite spectrum, reporting a massive year-over-year revenue increase for its first quarter.
The Los Angeles-based company beat Wall Street expectations by generating a net income of $1.8 million, or 3 cents per share. In contrast, the company ended its first fiscal quarter of 2019 with a net loss of $6.6 million, or a loss of 95 cents per share.
Beyond Meat’s total revenue for the period skyrocketed to $97.1 million (a 141% increase), which also greatly surpassed analysts’ expectations of $88.3 million. Following the news, the food producer’s shares rose by 5% on Tuesday during after-hours trading.
“I am proud of our first-quarter financial results, which exceeded our expectations despite an increasingly challenging operating environment due to the COVID-19 health crisis.”
CEO Ethan Brown
At the same time, the company followed the steps of many of its competitors and retracted its previous 2020 forecast due to ”the magnitude and duration of the [COVID-19] impact to the foodservice channel, in particular”. Beyond Meat had previously warned investors that its sales had declined significantly by the end of March as the company closed several of its restaurants in the United States.
Beyond Meat is already taking measures to cushion the economic blow, announcing in the meantime that it has about $246.4 million in cash on hand and an outstanding debt of around $30.6 million.
Upcoming earnings reports
See the full list of upcoming earnings reports for 11 – 15 May in the tables below.
Monday, 11 May 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| China | Tencent Music Entertainment Group | First quarter of 2020 |
| Spain | Indra Sistemas SA | First quarter of 2020 |
| Spain | Obrascon Huarte Lain SA | First quarter of 2020 |
| United Kingdom | Mylan NV | First quarter of 2020 |
| USA | Cardinal Health Inc | Third quarter of 2020 |
| USA | Entergy Corp | First quarter of 2020 |
| USA | Marriott International Inc | First quarter of 2020 |
| United Kingdom | GW Pharmaceuticals Plc | First quarter of 2020 |
| United Kingdom | Edinburgh Investment Trust Plc | Full year 2019 |
| Italy | FinecoBank Banca Fineco SpA | First quarter of 2020 |
| USA | Under Armour Inc | First quarter of 2020 |
| Netherlands | OCI NV | First quarter of 2020 |
| Germany | Osram Licht AG | Second quarter of 2020 |
| Germany | Henkel AG & Co KgaA | First quarter of 2020 |
| Germany | K&S AG | First quarter of 2020 |
Tuesday, 12 May 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| USA | Duke Energy Corp | First quarter of 2020 |
| Italy | Mediaset SpA | First quarter of 2020 |
| United Kingdom | Vodafone Group Plc | Full year 2020 |
| United Kingdom | Land Securities Group Plc | Full year 2020 |
| Germany | Aareal Bank AG | First quarter of 2020 |
| Germany | Thyssenkrupp AG | Half year |
| Germany | Hochtief AG | First quarter of 2020 |
| Germany | Porsche Automobil Holding SE | First quarter of 2020 |
| Japan | Honda Motor Co Ltd | Full year 2020 |
| Japan | NEC Corp | Full year 2020 |
| France | Alstom SA | Full year 2020 |
| Germany | E.ON SE | First quarter of 2020 |
| The Netherlands | Aegon NV | First quarter of 2020 |
| Germany | Allianz SE | First quarter of 2020 |
| Germany | Deutsche Post AG | First quarter of 2020 |
| Japan | Toyota Motor Corp | Full year 2020 |
Wednesday, 13 May 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| France | Vallourec SA | First quarter of 2020 |
| China | Alibaba Group Holding Ltd | Full year 2020 |
| Italy | Terna Rete Elettrica Nazionale SpA | First quarter of 2020 |
| United Kingdom | Sage Group Plc | Half year 2020 |
| Germany | 1&1 Drillisch AG | First quarter of 2020 |
| Germany | Jenoptik AG | First quarter of 2020 |
| Germany | Commerzbank AG | First quarter of 2020 |
| Germany | Leoni AG | First quarter of 2020 |
| United Kingdom | Marston's Plc | Half year 2020 |
| Japan | Sony Corp | Full year 2020 |
| Germany | Salzgitter AG | First quarter of 2020 |
| Norway | TGS NOPEC Geophysical Company ASA | First quarter of 2020 |
| Germany | Tui AG | Half year 2020 |
| The Netherlands | ABN Amro Bank NV | First quarter of 2020 |
| Norway | Mowi ASA | First quarter of 2020 |
Thursday, 14 May 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| Brazil | Petroleo Brasileiro SA Petrobras | First quarter of 2020 |
| United Kingdom | Manchester United Plc | Third quarter of 2020 |
| Japan | Kajima Corp | Full year 2020 |
| USA | Applied Materials Inc | Second quarter of 2020 |
| China | Baidu Inc | First quarter of 2020 |
| United Kingdom | Scottish Mortgage Investment Trust Plc | Full year 2019 |
| United Kingdom | 3i Group Plc | Full year 2020 |
| Germany | Duerr AG | First quarter of 2020 |
| Germany | Suedzucker AG | Fourth quarter of 2020 |
| Germany | Deutsche Telekom AG | First quarter of 2020 |
| Germany | Evotec SE | First quarter of 2020 |
| Germany | SGL Carbon SE | First quarter of 2020 |
| Japan | DeNA Co Ltd | Full year 2020 |
| United Kingdom | Grainger Plc | Half year 2020 |
| United Kingdom | WH Smith Plc | Half year 2020 |
| Japan | Fujitsu Ltd | Full year 2020 |
| Japan | Mazda Motor Corp | Full year 2020 |
| Austria | Raiffeisen Bank International AG | First quarter of 2020 |
| Germany | Bilfinger SE | First quarter of 2020 |
| Austria | Wienerberger AG | First quarter of 2020 |
| France | Bouygues SA | First quarter of 2020 |
| Germany | Ceconomy AG | Second quarter of 2020 |
| Germany | RWE AG | First quarter of 2020 |
| Belgium | KBC Groep NV | First quarter of 2020 |
| Germany | Merck KGaA | First quarter of 2020 |
| Switzerland | Zurich Insurance Group AG | First quarter of 2020 |
| USA | Cisco Systems Inc | Third quarter of 2020 |
Friday, 15 May 2020
| Country of origin | Company name | Fiscal period |
|---|---|---|
| USA | JD.com Inc | First quarter of 2020 |
| Japan | Tokyo Electric Power Company Holdings Inc | Full year 2020 |
| Germany | GEA Group AG | First quarter of 2020 |
| Switzerland | Compagnie Financiere Richemont SA | Full year 2020 |
| Germany | Aurubis AG | Second quarter of 2020 |
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