=Beyond Meat (BYND) reported earnings on Tue 4 Aug 20 (a/h)

Beyond Meat reports EPS in-line, beats on revs 
Reports Q2 (Jun) loss of $0.02 per share, in-line with the S&P Capital IQ Consensus of ($0.02); revenues rose 68.5% year/year to $113.34 mln vs the $99.35 mln S&P Capital IQ Consensus.

• During the second quarter of 2020, net loss included $5.9 million of costs associated with the product repacking activities attributable to COVID-19, $1.6 million in product donation costs related to the Company's COVID-19 relief campaign, and $1.5 million of early debt extinguishment costs associated with the Company's refinanced credit arrangements. Excluding these costs, Adjusted net loss was $1.2 million in the second quarter of 2020, or $0.02 per diluted common share, compared to Adjusted net income of $2.3 million, or $0.05 per diluted common share, in the year-ago period.
• Adjusted EBITDA was $11.7 million, or 10.3% of net revenues, in the second quarter of 2020 compared to Adjusted EBITDA of $6.9 million, or 10.2% of net revenues, in the year-ago period.
• Adjusted gross profit, which excludes $5.9 million of costs associated with product repacking activities due to COVID-19, was $39.6 million, or Adjusted gross margin of 34.9% of net revenues, in the second quarter of 2020, compared to Adjusted gross profit of $22.7 million, or Adjusted gross margin of 33.8% of net revenues, in the year-ago period. The increase in Adjusted gross profit and Adjusted gross margin was primarily due to direct materials and packaging input cost savings, direct labor efficiencies, and an increase in the volume of products sold in the second quarter of 2020 compared to the year-ago period.
• Due to the COVID-19 pandemic, as previously communicated, the Company experienced a meaningful slowdown in its foodservice business as various regions around the world implemented stay-at-home orders, resulting in the closure or limited operations of many of its foodservice customers. At the same time, the Company experienced an increase in demand by its retail customers as consumers shifted towards more at-home consumption, which more than offset the decline in sales to foodservice customers. While many of the Company's foodservice customers have reopened, most are operating under various local restrictions and continue to navigate a highly uncertain environment. Given the uncertainty regarding the ultimate duration, magnitude and effects of the COVID-19 pandemic, management remains unable to predict the continuing impact of COVID-19 on its business for the balance of the year with reasonable certainty. As such, the Company's 2020 outlook, previously provided on February 27, 2020, remains suspended until further notice.