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Shares of Beyond Meat Inc. (NASDAQ: BYND ) rose 9% on Friday, a day after the company reported fourth-quarter 2022 results that beat forecasts. The stock has gained 65% year-to-date. Here are some key points from the earnings report:
Better results than expected
Beyond Meat reported revenue of $79.9 million for the fourth quarter of 2022, which was down nearly 21% from last year’s quarter but beat estimates of $75.8 million. Adjusted loss per share was $1.05, narrower than the $1.27 loss per share reported last year as well as the consensus estimate of a loss of $1.18 per share.
A narrower loss
The company’s loss from operations in Q4 was $65.7 million compared to $77.7 million in the year-ago period. The reduction was primarily driven by lower general and administrative costs, lower costs associated with production trial activities, lower marketing costs, and lower non-production headcount costs.
Lower cost
Beyond Meat operating costs of $62.8 million were down about 32% year-over-year and 16% sequentially as the company continues its efforts to right-size the cost base. The decrease was driven by lower G&A and marketing costs, reduced production testing activities and people costs, as well as lower restructuring costs.
Outlook
Beyond Meat expects revenue for the full year of 2023 to be between $375-415 million, which represents a decline of approx. 1-10% from 2022. In the first half of the year, the company expects a decrease in net sales in the mid-teens range in percentage compared to the period last year.
However, during the second half of 2023, net sales are expected to grow in the double-digit range. This growth may be driven by price changes that the company tries to limit. Gross margin for this year is expected to be in the double-digit range. It is expected to start slightly positive at the beginning of the year and then increase sequentially during the period.
Click here to read the full transcript of Beyond Meat’s Q4 2022 earnings conference call
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