Beyond Meat (BYND) reported fiscal fourth-quarter and full year 2022 earnings results that slightly beat Wall Street estimates Thursday, sending shares higher, up more than 15% in after-market trading.
The plant-based protein giant posted a year-over-year decline of 20.6% in revenue in the fourth-quarter as it lapses its partnerships with fast food giants like KFC and McDonald’s. Full-year 2022 revenue saw a decrease of 9.8% as CEO Ethan Brown said the brand is “making solid progress” in its “transition to a sustainable growth model, one that emphasizes the achievement of cash flow positive operations within the second half of 2023.”
Here’s what Beyond Meat reported, compared to Wall Street estimates, per Bloomberg consensus estimates:
CEO Brown said the company is focused on its three primary pillars, including driving margin recovery and operating expense reduction, bringing inventory levels down while generating cash flow, and placing a “greater emphasis on near-term retail and foodservice growth drivers while also supporting strategic key long-term partners and opportunities.”Currently, there are no Buys, 9 Holds, and 9 Sells on shares of Beyond Meat.
At the end of October, Beyond Meat announced plans to reduce expenses and target cash flow operations within the second half of 2023, which coincided with the announcement of a 19% cut in its workforce.
A month ago, the company hired Akerho “AK” Oghoghomeh from Red Bull to lead global marketing efforts.
Right now, Beyond Meat is offered at Kroger (KR), Walmart (WMT), Publix Super Markets, Costco (COST), Whole Foods (AMZN) and Target (TGT). Back in September of 2021, McDonald’s announced its plan to test its first ever plant-based burger. The McPlant was the first offering in its strategic three-year partnership, which is now days away from its two-year anniversary. This week, McDonald’s unveiled plant-based McPlant Nuggets in Germany.
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Brooke DiPalma is a reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com.
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