Beyond Meat lowers 2023 revenue outlook to $330M-$340M, consensus $366M

The company’s gross profit for the full year is now expected to be approximately breakeven. Beyond Meat continues to expect operating expenses to be $245M or less, before one-time separation costs and non-cash savings related to previously granted, unvested stock-based compensation associated with the company’s workforce reduction. Capital expenditures are now expected to be in the range of $10M to $15M. Beyond Meat cites softer than anticipated Q3 results and the company’s updated expectations for the balance of the year for the guidance cut. The firm said that weaker than expected sales volumes in U.S. retail and U.S. foodservice channels, primarily reflecting ongoing and further demand softness in the plant-based meat category, were seen in Q3, as well as lower than anticipated promotional effectiveness, “which was exacerbated by flat fee promotional programs that did not deliver the anticipated volume lifts.”