By Liz Moyer
Investing.com -- Beyond Meat Inc (NASDAQ:BYND) was sizzling after the plant-based meat maker beat expectations for revenue and profit in the fourth quarter and for the full year.
Shares of Beyond jumped 15.6% in after-hours trading and are up 38.9% so far this year.
Fourth-quarter revenue of $79.9 million was down 20.6% from the prior year but beat the expectation for $75.9M. The company’s net loss of $1.05 a share compared with the expected loss of $1.18 a share.
CEO Ethan Brown said: “We are making solid progress in our transition to a sustainable growth model, one that emphasizes the achievement of cash flow positive operations within the second half of 2023.”
Brown said the company is focused on reducing operating expenses, bringing inventory levels down and putting a bigger emphasis “on near-term retail and foodservice growth drivers while also supporting strategic key long-term partners and opportunities.” In the fourth quarter, gross margin was a negative 3.7%.
For the full year 2022, Beyond reported revenue of $418.9M, down 9.8% for the year, and a net loss of $5.75 a share. Both also beat expectations.
Beyond expects full-year 2023 revenue of $375M to $415M. Analysts were expecting $391.4M. And the company said gross margin is expected to be in the low double-digit range, increasing sequentially throughout the year.
Brown highlighted some of Beyond’s innovations, including its Beyond Steak product and the newly introduced McPlant Nuggets in Germany, the second plant-based protein co-developed with Beyond Meat as part of the McPlant platform, it said.
“As we navigate current conditions, we remain intently focused on positioning Beyond Meat to capture the vast opportunity to be a major protein provider in the $1.4 trillion meat industry and play a leadership role in transitioning global consumers to delicious plant-based meats in support of critically important health, climate, environmental, and animal welfare objectives,” Brown said.