Wall Street is expecting Beyond Meat to report its first profitable quarter after the bell Monday.
Here's what analysts surveyed by Refinitiv are expecting:
- Earnings per share: 3 cents, expected
- Revenue: $82.2 million, expected
During its third quarter, Beyond continued to extend its restaurant partnerships. For example, McDonald's announced in September that it is testing a meatless Beyond burger at select locations in Ontario.
But the company is facing increased competition. Impossible Foods, which is still privately held, began selling its meatless burgers in grocery stores in September and will continue making it available in more regions nationwide.
Big Food companies, like Kellogg and Nestle, as well as traditional meat producers, have rolled out their own versions in grocery stores and are inking deals with restaurant chains. Yum Brands' Pizza Hut is testing a product made with Kellogg's Incogmeato sausage at a Phoenix, Arizona location.
The last time that Beyond reported earnings, the company announced a surprise secondary share offering, sending its stock price on a downward spiral. Shares are still up 326% since its initial public offering. Beyond's lockup period from its initial public offering expires Tuesday, allowing insiders to cash out even more shares. Last Wednesday, the stock dipped below $100 per share for the first time since June.