Beyond Meat Inc.’s stock hurtled 103% higher in after-hours trading Tuesday following the company’s quarterly results that included a forecast of gross margins in the mid- to high-teens for 2024.
The beleaguered fake-meat maker
BYND,
which had slogged through several brutal quarters, reported a fiscal fourth-quarter net loss of $155.1 million, or $2.40 a share, compared with a net loss of $66.9 million, or $1.05 a share, in the same quarter a year ago.
Net revenue declined to $73.7 million from $79.9 million in the year-ago quarter.
Analysts surveyed by FactSet had expected on average a net loss of 89 cents a share on revenue of $66.7 million.
The small cap company (market value: $480.8 million) provided fiscal 2024 sales guidance of $315 million to $345 million. FactSet analysts are forecasting $344.4 million.
“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; and a years-in-the-making core platform renovation in Beyond IV,” Beyond Meat Chief Executive Ethan Brown said in a statement announcing the results.
Shares of Beyond Meat have melted 58% over the past year, while the broader S&P 500 index
SPX
has advanced 28%.
