Beyond Meat Soars 77% on Strong International Sales

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Beyond Meat Soars 77% on Strong International Sales

Bloomberg02-28

(Bloomberg) -- Beyond Meat Inc. surged 77% in late trading after it reported fourth-quarter sales that surpassed expectations.Revenue of $73.7 million was above the average analyst estimate of $66.8 ...

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A Spike in Heart Disease Deaths Since Covid Is Puzzling Scientists. Office Tower Deal for $1 Reveals Anxiety Among Longtime Buyers. Nigeria Delivers Jumbo Rate Hike to Aid Its Battered Naira. Treasuries Mixed Amid Another Flurry of Bond Sales: Markets Wrap. Revenue of $73.7 million was above the average analyst estimate of $66.8 million compiled by Bloomberg. Sales in both the US and international channels beat expectations.Chief Executive Officer Ethan Brown said the company would take a number of actions in 2024 to find a path to profitability, including reducing operating expenses, adjusting prices and releasing a new, healthier Beyond Burger. As part of its effort to streamline its operations, the company says it discontinued its Beyond Meat Jerky line, which was launched through a joint ventu","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"BYND":"Beyond Meat, Inc."},"translate_title":"Beyond Meat在强劲的国际销售中飙升77%","themeId":"c0d77e622a6742cf8335299f8317b4b4","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BYND":1},"content_text":"(Bloomberg) -- Beyond Meat Inc. surged 77% in late trading after it reported fourth-quarter sales that surpassed expectations.Revenue of $73.7 million was above the average analyst estimate of $66.8 million compiled by Bloomberg. Sales in both the US and international channels beat expectations. Chief Executive Officer Ethan Brown said the company would take a number of actions in 2024 to find a path to profitability, including reducing operating expenses, adjusting prices and releasing a new, healthier Beyond Burger. As part of its effort to streamline its operations, the company says it discontinued its Beyond Meat Jerky line, which was launched through a joint venture with PepsiCo Inc.The changes, “together with measures we plan to pursue this year to bolster our balance sheet, will strengthen our near-term operations,” Brown said in a statement.Revenue fell 7.8% from a year earlier, with the California-based company’s international growth helping to offset steep declines in US revenue. US retail sales were down 23% and foodservice sales were down 26% in the period, despite the discounts the company offered. Internationally, however, sales were up 22% in retail and 34% in foodservice. The company offered discounts abroad, as well.The alternative-protein maker also brought down its operational spending substantially in 2023, to $107.8 million for the year, compared with $320.2 million the year prior. That leaves it with $205.9 million in cash and $1.1 billion in debt.The company sees net revenue in a range of $315 million to $345 million for the full year, compared with analysts’ estimate of $343.9 million.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":6,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}