Beyond Meat Q4 Earnings: Revenue Beat, EPS Miss, Business 'Reset' And More

Beyond Meat Inc BYND reported fourth-quarter financial results Tuesday after the close. Here’s a look at the key metrics from the quarter.

Q4 Earnings: Beyond Meat said fourth-quarter revenues decreased 7.8% year-over-year to $73.7 million, which beat consensus estimates of $66.66 million, per Benzinga Pro. The decrease in revenues was driven by a 14.6% decrease in net revenue per pound, partially offset by an 8.0% increase in volume of products sold. 

U.S. retail channel net revenues decreased 22.6% and U.S. foodservice channel net revenues decreased 25.9%. International retail channel net revenues increased 22.1% and international foodservice channel net revenues increased 33.7%.

The plant-based meat company reported a fourth-quarter loss of $2.40 per share, versus a loss of $1.05 per share in the prior year’s quarter. The company’s EPS results missed analyst estimates for a loss of 88 cents per share.

Beyond noted that its net loss was negatively impacted by certain non-cash charges including $85.1 million associated with the company’s global operations review and $10.5 million from other specific non-cash charges.

“In 2023, Beyond Meat undertook extensive initiatives to reset the business toward sustainable operations and, ultimately, profitable growth. Much of this reset is now coming into view,” said Ethan Brown, president and CEO of Beyond Meat.

Outlook: Beyond Meat expects first-quarter revenue to be between $70 million and $75 million. The company expects full-year 2024 revenues to be between $315 million and $345 million.

“Our 2024 plan includes taking steps to steeply reduce operating expense and cash use; pricing actions and the right-sizing of our production footprint, both in support of margin expansion; a years-in-the-making core platform renovation in Beyond IV that delivers superior health benefits and taste; and, following the announcement and initiation of our Global Operations Review, taking certain non-cash charges pertaining to inventory and assets that are no longer consistent with our path to profitability,” Brown said.

Management will hold a conference call to discuss these results at 5 p.m. ET.

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BYND Price Action: Beyond Meat shares were up 37.1% after hours at $10.30 at the time of publication, per Benzinga Pro.

Photo: courtesy of Beyond Meat.