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Beyond Meat Inc. reported their latest financial results for Q4 2021 after the closing bell on Wall Street today.
The US plant-based meat substitute producer company fell short of analyst expectations for the last quarter, sending the stock price lower in the after-market hours.
The company reported revenue of $100.678 million in Q4 (decrease of 1.2% year-over-year) vs. $101.044 million expected.
Loss per share reported at -$1.27 a share, way above analyst forecast -$0.70 a share.
Net revenue for 2021 at $464.7 million – an increase of 14.2% year-over-year.
“In 2021 we saw strong growth in our international channel net revenues, as well as sporadic yet promising signs of a resumption of growth in U.S. foodservice channel net revenues as COVID-19 variants peaked and declined. These gains, however, were dampened by what we believe to be a temporary disruption in U.S. retail growth, for our brand and the broader category. Despite the variability and challenges of the year, we did not deviate from building the foundation for our long-term growth. The investments we made in our team, infrastructure, and capabilities across the U.S., EU, and China, as well as extensive product scaling activities for key strategic partners, weighed heavily on operating expenses and gross margin during a fourth quarter and year that were already impacted by lower than expected volumes. However, we believe these investments will be instrumental in driving our long-term growth,” Ethan Brown, Beyond Meat CEO said in a statement following the latest financial results from the company.
“As we begin 2022, we are pleased with the progress we are making against our long-term strategy, such as the number of tests and core menu placements recently announced by our global QSR partners. Though we will continue to invest during 2022, we expect to substantially moderate the growth of our operating expenses as we leverage the building blocks we now have in place to serve our customers, consumers, and markets — bringing forward our exciting and expansive future one delicious serving at a time,” Brown added.
Beyond Meat Inc. (BYND) chart (Weekly)
Shares of Beyond Meat were up by 3.38% on Thursday at $48.64. However, the stock fell sharply in the after-hours – down by around 10%.
Here is how the stock has performed in the past year –
Beyond Meat Inc. is the 2973rd largest company in the world with total market cap of $3.10 billion.
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Sources: Beyond Meat Inc., TradingView, MetaTrader 5, CompaniesMarketCap
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