Beyond Meat Inc BYND reported first-quarter financial results after the close. Here's a rundown of the report and a look at what's driving the action.
What Happened: Beyond Meat said first-quarter revenues decreased 15.7% to $92.2 million, which beat consensus estimates of $91.73 million, per Benzinga Pro.
The plant-based meat company reported a second-quarter loss of 92 cents per share, improved from a loss of $1.58 per share year-over-year. The company's earnings results beat analyst estimates for a loss of $1.01 per share.
Gross margin was 6.7%, up from margins of 0.2% year-over-year. Beyond Meat said most markets and channels were negatively impacted by continued softness in demand in the plant-based meat category.
The company ended the quarter with cash and equivalents of $273.6 million and total outstanding debt of $1.1 billion.
"Late last year, we articulated a strategy to drive Beyond Meat to cash-flow positive operations and sustainable long-term growth. We are pleased to report strong progress for the second full quarter of this strategy; cash use and net loss are substantially improved," said Ethan Brown, president and CEO of Beyond Meat.
Beyond Meat said it expects full-year 2023 revenue to be in the range of $375 million to $415 million, versus estimates of $390.44 million.
Shares appear to be reacting positively to the improved net loss and better-than-expected revenue results. Management will hold a conference call to discuss these results at 5 p.m. ET.
From Last Month: Inside Leonardo DiCaprio's $300 Million Fortune: From Sleep Startup Investments To Plant-Based Meat Stocks
BYND Price Action: Beyond Meat has a 52-week high of $44.51 and a 52-week low of $11.04.
Beyond Meat shares were up 9.78% after hours at $13.71 at the time of publication, per Benzinga Pro.
Photo: courtesy of Beyond Meat.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.