Beyond Meat reported sales that exceeded expectations and the company said it’s making progress on efforts to bolster cash flow and lower inventory. The shares jumped in late trading.
Beyond Meat Inc. reported sales that exceeded expectations and the company said it’s making progress on efforts to bolster cash flow and lower inventory. The shares jumped in late trading.
Fourth-quarter revenue of US$79.9 million was above the average estimate compiled by Bloomberg. It reported a decrease in revenue per pound, citing some price reductions. The company sees net revenue in a range of US$375 million to US$415 million for the full year, compared with analysts’ estimate of US$394 million.The maker of the Beyond Burger has been struggling to convince consumers to stick with it as prices remain higher than animal meat and and budgets get tighter. With revenue down nearly 21 per cent year-over-year, the results underscore that it’s getting much more difficult to maintain consumer interest in meat alternatives.
“We are making solid progress in our transition to a sustainable growth model, one that emphasizes the achievement of cash flow-positive operations within the second half of 2023,” Chief Executive Officer Ethan Brown said. The company posted a loss, excluding items such as taxes and interest, of US$56.5 million. That’s better than Wall Street expected — suggesting the company may be making progress.
Beyond Meat said it now has US$309.9 million in cash reserves, down from the US$390.2 million it reported the previous quarter. It’s a sign the company is burning through cash at a slower pace.The shares rose 13 per cent in after hours trading at 4:20 p.m. New York time. The stock has risen 39 per cent in 2023 through Thursday’s close.
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