Beyond Meat (NASDAQ:BYND) stock is on the rise Wednesday following the release of the plant-based meat alternative company’s earnings report for the fourth quarter of 2023.
That earnings report includes revenue of $73.7 million for Q4 2023. That’s better than the $67 million in revenue that Wall Street was expecting for the quarter, even if it’s down 7.8% year-over-year (YOY) from $79.94 million.
Beyond Meat notes that its revenue beat is thanks to increased international sales even as demand in the U.S. weakens. That saw its volume of products sold increase 8%. International retail channel revenue for the period also got a 22.1% boost to $13.3 million during the quarter.
Unfortunately, the company’s EPS came in at a loss of -$2.40. That’s much wider than the -$1.05 per share Beyond saw the same time last year.
What’s Next for BYND Stock
Here’s what CEO Ethan Brown said about the future of Beyond Meat:
“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; a years-in-the-making core platform renovation in Beyond IV that delivers superior health benefits and taste; and, following the announcement and initiation of our Global Operations Review, taking certain non-cash charges pertaining to inventory and assets that are no longer consistent with our path to profitability.”
Beyond Meat’s revenue outlook for 2024 ranges from $315 million to $345 million. For perspective, Wall Street is estimating revenue of $343.82 million for the full year.
BYND stock is up 61.6% as of Wednesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
