Beyond Meat (NASDAQ: BYND) reported Q2 EPS of ($0.83), $0.01 better than the analyst estimate of ($0.84). Revenue for the quarter came in at $102.1 million versus the consensus estimate of $108.74 million.

GUIDANCE:

Beyond Meat sees FY2023 revenue of $360-380 million, versus the consensus of $388 million.

• Net revenues are expected to be in the range of approximately $360 million to $380 million, representing a decrease of approximately 14% to 9% compared to 2022.
• Gross margin, including the positive impact of the Company’s change in accounting estimates for the useful lives of its large manufacturing equipment implemented in the first quarter of 2023, is expected to be in the mid to high single-digit range.
• Operating expenses are expected to be $245 million or less.
• Capital expenditures are expected to be in the range of $20 million to $25 million.
• With respect to the Company’s previously stated target of achieving cash flow positive operations within the second half of 2023, in light of greater than expected consumer and category headwinds and their anticipated impact on net revenues, the Company now believes this is unlikely to be met in the stated timeframe. Nevertheless, management remains firmly focused on achieving cash flow positive operations, including increased cost containment, and expects meaningfully reduced cash consumption for the balance of the year.

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