Beyond Meat (NASDAQ: BYND) reported Q1 EPS of ($0.92), $0.10 better than the analyst estimate of ($1.02). Revenue for the quarter came in at $92.2 million versus the consensus estimate of $91.7 million.

GUIDANCE:

Beyond Meat sees FY2023 revenue of $375-415 million, versus the consensus of $390.5 million.

• As a result of the change in accounting estimate associated with the Company’s estimated useful lives for its large fixed assets, gross margin is now expected to be 1 to 2 percentage points above prior guidance of the low double-digit range for the full year, increasing sequentially through the remainder of the year.
• Operating expenses are expected to be approximately $250 million, weighted slightly more towards the first half of the year.
• Capital expenditures are expected to be in the range of $30 million to $35 million.
• The Company continues to target achievement of cash flow positive operations within the second half of 2023.

For earnings history and earnings-related data on Beyond Meat (BYND) click here.