Beyond Meat sees FY24 revenue $315M-$345M, consensus $343.82M

Sees FY24 gross margin in mid-high teens range. Sees FY24 capital expenditures $15M-$25M. The company’s operating environment continues to be affected by uncertainty related to macroeconomic issues including: ongoing, further weakened demand in the plant-based meat category, inflation and higher 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. Brown continued, “Our 2024 plan includes taking steps to steeply reduce operating expense and cash use; pricing actions and the right-sizing of our production footprint, both in support of margin expansion; a years-in-the-making core platform renovation in Beyond IV that delivers superior health benefits and taste; and, following the announcement and initiation of our Global Operations Review, taking certain non-cash charges pertaining to inventory and assets that are no longer consistent with our path to profitability. We believe these sweeping changes, together with measures we plan to pursue this year to bolster our balance sheet, will strengthen our near-term operations as we pursue our vision of being the global protein company of the future.”