Beyond Meat Inc (NASDAQ:BYND) reported financial results for the second quarter after the close on Wednesday. Here's a look at the key metrics from the quarter.
Q2 Earnings: Beyond Meat reported second-quarter revenue of $93.2 million, beating the consensus estimate of $87.81 million, according to Benzinga Pro. The plant-based meat company reported a second-quarter adjusted loss of 53 cents per share, missing estimates for a loss of 51 cents per share.
Total revenues decreased 8.8% on a year-over-year basis. U.S. retail channel net revenues decreased 7.5% year-over-year and U.S. foodservice channel net revenues decreased 18.9%. International retail channel net revenues fell 12.1% year-over-year and international foodservice channel net revenues decreased 2.5%.
Beyond Meat ended the quarter with $158 million in cash, cash equivalents and restricted cash. The company had total outstanding debt of $1.1 billion as of June 29.
"We are pleased to report a strong quarter of progress against our 2024 plan, a pivotal year on our path to sustainable operations and profitability," said Ethan Brown, president and CEO of Beyond Meat.
Outlook: Beyond Meat expects full-year 2024 revenue of $320 million to $340 million. Full-year gross margin is expected to be in the mid-teens range. For comparison, gross margin came in at 14.7% in the second quarter.
Management will hold a conference call to discuss these results at 5 p.m. ET.
BYND Price Action: Beyond Meat shares were up 6.49% after hours at $5.58 at the time of publication, per Benzinga Pro.
Photo: Courtesy of Beyond Meat.
