Q3 2024 Beyond Meat Inc Earnings Call Transcript
Key Points
- Beyond Meat Inc (BYND) reported a 7.6% increase in net revenues for the third quarter of 2024, marking the first year-over-year growth since Q1 2022.
- The company achieved a significant improvement in gross margin, reaching 17.7% compared to a negative 9.6% in the same quarter last year.
- Operating expenses were reduced to $45.2 million, the lowest level in four years, contributing to a narrower adjusted EBITDA loss.
- Beyond Meat Inc (BYND) successfully launched Beyond IV, its fourth-generation product line, which has been well-received and recognized by leading health organizations.
- The company expanded its international presence, notably entering the German retail market and launching new products in McDonald's France.
- Despite revenue growth, Beyond Meat Inc (BYND) experienced a 7.1% decrease in the volume of products sold.
- The international food service channel saw a 17.2% decline in net revenues, primarily due to decreased sales to a large QSR customer in the EU.
- The company continues to face challenges in consumer perception regarding the health benefits and ingredients of plant-based meats.
- Beyond Meat Inc (BYND) has a substantial amount of outstanding debt, totaling $1.1 billion as of the end of the third quarter.
- The company is still working on restructuring its balance sheet and plans to raise additional liquidity, indicating ongoing financial pressures.
Good afternoon and welcome to the Beyond Meat third-quarter 2024 conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Paul Shepherd, Vice President, FP&A, and Investor Relations. Please go ahead.
Thank you. Hello, everyone, and thank you for your participation on today's call. Joining me are Ethan Brown, Founder, President and Chief Executive Officer; and Lubi Kutua, Chief Financial Officer and Treasurer. By now, everyone should have access to our third quarter 2024 earnings press release filed today after market close. This document is available in the Investor Relations section of Beyond Meat's website at www.beyondmeat.com.
Before we begin, please note that all the information presented today is unaudited and that during the course of this call, management may make forward-looking statements within the meaning of
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
