EL SEGUNDO, California - Beyond Meat, Inc. (NASDAQ:BYND) reported better-than-expected second quarter revenue and provided an upbeat full-year outlook, sending its shares surging 4.9% in after-hours trading on Wednesday.
The plant-based meat company posted revenue of $93.2 million for the quarter ended June 29, 2024, exceeding analyst estimates of $87.81 million. While this represented an 8.8% YoY decline, it came in above the company's guidance range.
Beyond Meat reported a net loss of $34.5 million, or $0.53 per share, in line with Wall Street expectations. This compares to a net loss of $53.5 million, or $0.83 per share, in the same quarter last year.
"We are pleased to report a strong quarter of progress against our 2024 plan, a pivotal year on our path to sustainable operations and profitability," said Ethan Brown, Beyond Meat President and CEO.
The company's gross margin improved significantly to 14.7%, compared to just 2.2% in the year-ago period. This marked Beyond Meat's best quarterly gross margin since the third quarter of 2021.
Looking ahead, Beyond Meat provided an optimistic full-year revenue forecast of $320-340 million, above the consensus estimate of $322.4 million. The company also expects gross margin to be in the mid-teens range for 2024.
While U.S. retail and foodservice sales declined in Q2, international foodservice revenue showed resilience with only a 2.5% YoY drop. The company highlighted the successful launch of its Beyond IV platform, developed in collaboration with medical and nutrition experts.
Despite ongoing challenges in the plant-based meat category, Beyond Meat's revenue beat and improved profitability metrics signal potential stabilization after a difficult period.
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