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Stock in plant-based meat company Beyond Meat (NASDAQ:BYND) Shares soared more than 73.5% in after-hours trading Tuesday, even though the company reported an even bigger loss in the fourth quarter. Investors welcomed the company’s restructuring plan, which focuses on reducing costs and achieving sustainable profitability.
During its fourth quarter conference call, Beyond Meat’s management announced a move to a leaner operating structure that will reduce costs. The business is also focused on consolidating its product lines and streamlining its production network.
BYND: 4th quarter financial results
Beyond Meta’s net revenue was $73.7 million, down 7.8% year over year. The decline in sales reflects a deterioration in product sales mix and increased trade discounts. However, an increase in transaction volume in the international business supported overall sales. Despite the year-over-year decline, BYND’s revenue exceeded TheStreet’s estimate of $66.7 million.
BYND reported a net loss of $155.1 million, or $2.40 per share, in the fourth quarter, compared to a net loss of $66.9 million, or $1.05 per share, in the year-ago period. Analysts had expected Beyond Meat to report a net loss of $0.89 per share. It’s worth noting that the fourth quarter 2023 net loss included non-cash charges of $95.6 million.
What are your predictions for Beyond Meat stock?
Beyond Meat’s stock price has fallen about 58% in one year, reflecting the weakness in its U.S. business. Additionally, margin pressure remained a drag.
Meanwhile, BYND stock has a TipRanks Smart Score of 1, suggesting it will likely underperform the broader market average.
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