Beyond Meat (NASDAQ: BYND) reported Q1 EPS of ($0.72), $0.06 worse than the analyst estimate of ($0.66). Revenue for the quarter came in at $75.6 million versus the consensus estimate of $75.37 million.

GUIDANCE:

Beyond Meat sees FY2024 revenue of $315-345 million, versus the consensus of $329.8 million.

The company’s operating environment continues to be affected by uncertainty relating to macroeconomic issues including: ongoing, further weakened demand in the plant-based meat category, inflation and high interest rates and concerns about the likelihood of a recession, among other things, all of which could have unforeseen impacts on the Company’s actual realized results. Based on management’s best assessment of the environment today, the Company is reaffirming its outlook for the full year 2024:

• Net revenues are expected to be in the range of $315 million to $345 million. Net revenues for the second quarter are expected to be in the range of $85 million to $90 million.
• Gross margin is expected to be in the mid to high teens range for the full year 2024, and is expected to be higher in the second half of the year relative to the first half.
• Operating expenses, excluding the $7.5 million accrual related to the consumer class action settlement, are expected to be in the range of $170 million to $190 million, weighted slightly more towards the first half of the year.
• Capital expenditures are expected to be in the range of $15 million to $25 million.

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