Why Beyond Meat (BYND) Shares Are Exploding Higher

Beyond Meat Inc BYND shares are trading higher by 14.35% to $19.60 during Friday's pre-market session after the company reported better-than-expected fourth-quarter financial results. Here's what investors need to know. 

What Happened: Beyond Meat reported quarterly losses of $1.05 per share that beat the analyst consensus estimate of an $1.18 loss. 

The company posted quarterly sales of $79.94 million, which beat the analyst consensus estimate of $75.69 million by 5.61%. This sales figure is a 20.6% decrease over sales of $100.68 million the same period last year.

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The company said its loss from operations in the fourth quarter of 2022 was $65.7 million compared to $77.7 million in the year-ago period.

Beyond Meat said the reduced loss from operations was primarily driven by lower general and administrative expenses, reduced expenses associated with production trial activities, lower marketing expenses and reduced non-production headcount expenses, partially offset by lower gross profit and one-time separation costs related to the company's previously announced reduction in force.

"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," CEO Ethan Brown said in a statement. 

According to data from Benzinga Pro, BYND has a 52-week high of $53.47 and a 52-week low of $11.03.