(Bloomberg) — Beyond Meat Inc. surged as much as 106% in late trading after it reported fourth-quarter sales that surpassed expectations.
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Revenue of $73.7 million was above the average analyst estimate of $66.8 million compiled by Bloomberg. Sales in both the US and international channels beat expectations.
Chief Executive Officer Ethan Brown said the company would take a number of actions in 2024 to find a path to profitability, including reducing operating expenses, adjusting prices and releasing a new, healthier Beyond Burger. As part of its effort to streamline its operations, the company says it discontinued its Beyond Meat Jerky line, which was launched through a joint venture with PepsiCo Inc.
The changes, “together with measures we plan to pursue this year to bolster our balance sheet, will strengthen our near-term operations,” Brown said in a statement.
Revenue fell 7.8% from a year earlier, with the California-based company’s international growth helping to offset steep declines in US revenue. US retail sales were down 23% and foodservice sales were down 26% in the period, despite the discounts the company offered. Internationally, however, sales were up 22% in retail and 34% in foodservice. The company offered discounts abroad, as well.
The alternative-protein maker also brought down its operational spending substantially in 2023, to $107.8 million for the year, compared with $320.2 million the year prior. That leaves it with $205.9 million in cash and $1.1 billion in debt.
The company sees net revenue in a range of $315 million to $345 million for the full year, compared with analysts’ estimate of $343.9 million.
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