Beyond Meat NASDAQ BYND Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Beyond Meat (NASDAQ: BYND) Reports Second Quarter 2024 Financial Results
Beyond Meat, Inc., a leader in plant-based meat, reported its financial results for the second quarter ending June 29, 2024.
Key Financial Metrics
| Financial Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $93.2M | $102.1M | -8.8% | $87.81M |
| Earnings Per Share (EPS) | -$0.53 | -$0.83 | +36.1% | -$0.51 |
| Gross Profit | $13.7M | $2.3M | +495.7% | N/A |
| Gross Margin | 14.7% | 2.2% | +570 bps | N/A |
| Adjusted EBITDA | -$23.0M | -$40.8M | +43.6% | N/A |
Interpretation : Beyond Meat posted stronger-than-expected results, exceeding revenue estimates by $5.39M and EPS estimates by $0.02. Despite a year-over-year revenue drop, the company improved profitability metrics significantly, driven by enhanced operating efficiencies and better gross margins.
Revenue Performance by Segment
| Segment | Q2 2024 Net Revenues | Q2 2023 Net Revenues | YoY Change |
|---|---|---|---|
| U.S. Retail | $44.9M | $48.5M | -7.5% |
| U.S. Foodservice | $10.4M | $12.8M | -18.9% |
| International Retail | $17.6M | $20.0M | -12.1% |
| International Foodservice | $20.4M | $20.9M | -2.5% |
Interpretation : Beyond Meat experienced revenue declines across all major segments, largely driven by reduced volumes sold. However, price increases and lower trade discounts helped offset some of the volume loss in the U.S. retail channel.
Officer Comments
Ethan Brown, President and CEO, highlighted significant progress in line with the 2024 plan. He noted improved gross margin, reduced operating expenses, and strong market positioning with the new Beyond IV platform.
Share Repurchase Program and Dividends
No specific details about any announced dividend or share repurchase programs were provided in the report.
Forward Guidance
For the full year 2024, Beyond Meat has provided the following outlook: - Net revenues are expected to be between $320 million and $340 million. - Gross margin is expected to be in the mid-teens. - Operating expenses , excluding one-time charges, are expected to be between $180 million and $190 million. - Capital expenditures are forecasted to be between $15 million and $20 million.
Stock Price Movement
Following the earnings release, Beyond Meat’s stock price saw a minor decline of 1.13%.
In summary, Beyond Meat is gradually improving its financial health, meeting critical milestones in its path towards sustainable operations and profitability, albeit with challenges in sales volumes across its segments.
