The plant-based meat company also issued encouraging guidance.
Beyond Meat shares are now up about 60% versus the start of 2023.
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Beyond Meat Inc (NASDAQ: BYND) gained about 15% in extended trading on Thursday after reporting market-beating results for its fourth financial quarter.
Beyond Meat shares up on encouraging guidance
The stock is also up on better-than-expected guidance.
Beyond Meat now forecasts $375 million to $415 million in revenue this year versus analysts at $391.2 million. It’s still committed to turning cash flow positive before the end of 2023. In the earnings press release, CEO Ethan Brown said:
We’re making solid progress in our transition to a sustainable growth model [by] driving margin recovery, bringing inventory down, and placing greater emphasis on near-term retail and foodservice growth drivers.
The Nasdaq-listed firm expects its gross margin to be in low double digits this year. Beyond Meat shares are now up roughly 60% YTD.
Notable figures in Beyond Meat’s Q4 results
Lost $66.9 million versus the year-ago $80.4 million
Per-share loss also narrowed from $1.27 to $1.05
Revenue tanked 21% year-on-year to $79.9 million
Consensus was $1.18 of loss on $75.8 million revenue
U.S. and international revenues declined 21% and 20%
Last October, the plant-based meat substitutes maker resorted to its secondary round of job cuts to lower costs. The chief executive added:
We remain intently focused on positioning BYND to capture the vast opportunity to be a major protein provider in the $1.4 trillion meat industry and play a leadership role in transitioning global consumers to delicious plant-based meats.
Those interested in buying Beyond Meat shares post earnings should also consider that Wall Street currently has a consensus “underweight” rating on them.
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