Beyond Meat Q1 Earnings: Revenue Beat, EPS Miss, Working To Make 2024 A Pivotal Year And More

Beyond Meat Inc BYND reported first-quarter financial results after the market close on Wednesday. Here’s a look at the key metrics from the quarter.

Q1 Earnings: Beyond Meat said first-quarter revenue decreased 18% year-over-year to $75.603 million, which beat consensus estimates of $75.241 million, per Benzinga Pro. The plant-based meat company reported a first-quarter adjusted loss of 72 cents per share, which missed estimates for a loss of 67 cents per share.

U.S. retail channel net revenues decreased 16% year-over-year and U.S. foodservice channel net revenues decreased 16.2%. International retail channel net revenues fell 12% and international foodservice channel net revenues decreased 28.7%.

Beyond Meat ended the quarter with $173.5 million in cash, cash equivalents and restricted cash.

“Together with measures we are exploring to bolster our balance sheet, we continue to work to position 2024 as a pivotal year as we strive to achieve sustainable and profitable operations,” said Ethan Brown, president and CEO of Beyond Meat.

Outlook: Beyond Meat expects second-quarter revenue to be between $85 million and $90 million. The company expects full-year 2024 revenue to be between $315 million and $345 million.

Gross margin is expected to be in the mid to high teens range for the full-year 2024. The company noted that gross margin is expected to be higher in the second half of the year relative to the first half.

“The company’s operating environment continues to be affected by uncertainty relating to macroeconomic issues including: ongoing, further weakened demand in the plant-based meat category, inflation and high interest rates and concerns about the likelihood of a recession, among other things, all of which could have unforeseen impacts on the Company’s actual realized results,” the company said.

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

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BYND Price Action: Beyond Meat shares were down 3.65% after hours at $7.91 at the time of writing, per Benzinga Pro.

Photo: courtesy of Beyond Meat.