Stock Surges After-Hours
Summary: Beyond Meat Inc.’s stock skyrocketed by 103% in after-hours trading on Tuesday after the company’s quarterly results revealed a promising forecast for gross margins in the mid- to high-teens by 2024.
Financial Highlights:
- Reported a fiscal fourth-quarter net loss of $155.1 million, or $2.40 a share.
- Net revenue declined to $73.7 million from $79.9 million in the previous year.
- Analysts had expected a net loss of 89 cents a share on revenue of $66.7 million.
Future Projections:
- Beyond Meat presented fiscal 2024 sales guidance of $315 million to $345 million.
- FactSet analysts are forecasting $344.4 million for the same period.
CEO Statement: “Our 2024 plan includes taking steps to steeply reduce operating expense and cash use; pricing actions and the right-sizing of our production footprint, both in support of margin expansion; and a years-in-the-making core platform renovation in Beyond IV,” said Chief Executive Ethan Brown.
Market Performance:
- Shares of Beyond Meat have declined by 58% over the past year.
- In comparison, the S&P 500 index has advanced by 28%.
Stay Tuned for Beyond Meat’s Journey!