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Published: February 27, 2024 at 4:51 PM ET
Beyond Meat stock soared 103% in after-hours trading on Tuesday following the company’s quarterly results, which included an outlook for 2024 gross profit margins in the mid-to-high teens.
Embattled fake meat maker BYND has weathered some tough quarters, reporting a net loss of $155.1 million, or $2.40 per share, in the fiscal fourth quarter compared to reported a net loss of $66.9 million, or $1.05 per share. quarter a year ago.
Net…
Beyond Meat stock soared 103% in after-hours trading on Tuesday following the company’s quarterly results, which included an outlook for 2024 gross profit margins in the mid-to-high teens.
Fake meat manufacturers in trouble
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After several tough quarters, the company reported a fiscal fourth-quarter net loss of $155.1 million, or $2.40 per share. This compared to a net loss of $66.9 million, or $1.05 per share, in the prior-year period.
Net revenue decreased to $73.7 million from $79.9 million in the year-ago period.
Analysts surveyed by FactSet had on average expected a net loss of 89 cents per share on revenue of $66.7 million.
The small-cap company (market value: $480.8 million) provided fiscal year 2024 revenue guidance of $315 million to $345 million. FactSet analysts expected $344.4 million.
“Our 2024 plans include taking steps to significantly reduce operating expenses and cash usage. Pricing and the right-sizing of our manufacturing footprint will both increase margins. Beyond Meat CEO Ethan Brown said in a statement announcing the results.
Beyond Meat’s stock price has fallen 58% over the past year, while the broader S&P 500 index SPX has fallen.
28% progress.
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