In This Article:
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Revenue: Reported at $75.6 million, down 18.0% year-over-year, slightly above estimates of $75.24 million.
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Net Loss: Recorded at $54.4 million, an improvement from the previous year's $59.0 million, but still above the estimated net loss of $43.06 million.
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Earnings Per Share (EPS): Posted a loss of $0.84 per share, an improvement from the prior year's loss of $0.92 per share, yet above the estimated loss of $0.67 per share.
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Gross Margin: Declined to 4.9% from 6.7% year-over-year, indicating increased cost pressures.
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Operating Expenses: Decreased to $57.1 million from $63.9 million in the year-ago period, reflecting cost control measures.
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Adjusted EBITDA: Reported a loss of $32.9 million, showing an improvement from a loss of $45.8 million in the previous year.
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Outlook for 2024: Reaffirmed revenue expectations between $315 million and $345 million, with anticipated improvements in gross margin in the latter half of the year.
On May 8, 2024, Beyond Meat Inc (NASDAQ:BYND) released its financial results for the first quarter ended March 30, 2024, through an 8-K filing. The plant-based meat company reported a decline in net revenues and a slight narrowing of net losses compared to the previous year, reflecting ongoing challenges in the sector.
Company Overview
Beyond Meat Inc is a pioneer in the plant-based meat industry, offering a variety of products designed to replicate the taste and texture of animal-based meat. With a focus on sustainability and health, their product range includes burgers, sausages, ground beef, and more. Beyond Meat primarily serves customers in the U.S. through various channels including grocery stores, mass merchandisers, and foodservice providers.
Financial Performance
The first quarter of 2024 saw Beyond Meat's net revenues decrease by 18.0% year-over-year to $75.6 million, down from $92.2 million. This decline was attributed mainly to a 16.1% decrease in the volume of products sold and a 2.3% drop in net revenue per pound, influenced by increased trade discounts and some pricing adjustments.
Gross profit for the quarter stood at $3.7 million, or a gross margin of 4.9%, compared to $6.2 million, or a gross margin of 6.7% in the previous year. The decrease in gross margin was primarily due to higher manufacturing costs and the reduced volume of products sold.
Operating expenses decreased to $57.1 million from $63.9 million, reflecting reduced non-production headcount and marketing expenses. However, loss from operations was $53.5 million, a slight improvement from a loss of $57.7 million in the year-ago period. This was partially offset by a $7.5 million accrual for a consumer class action settlement.