Beyond Meat Beats Q4 Forecasts Despite Flagging Sales
Beyond Meat on Thursday reported better-than-expected fourth quarter sales despite flagging consumer demand and lower prices.
The plant-based meat maker said its revenue fell 21 percent to $80 million in the October-December period. Still, that beat Wall Street’s expectations. Analysts polled by FactSet were forecasting revenue of $75.8 million.
Beyond Meat’s shares jumped 14 percent in after-hours trading.
The El Segundo, California-based maker of plant-based burgers, sausages, nuggets, and other products said its sales volumes continued to decline despite price cuts in the United States and Europe. The strong dollar also hurt profits from abroad, the company said.
Beyond Meat’s net loss narrowed to $66.9 million for the quarter, or $1.05 per share. That also beat Wall Street’s forecast of a $1.18 per-share loss….