Beyond Meat on Thursday reported better-than-expected 4th quarter sales regardlessof flagging customer need and lower costs.
The plant-based meat maker stated its profits fell 21% to $80 million in the October-December duration. Still, that beat Wall Street’s expectations. Analysts surveyed by FactSet were forecasting profits of $75.8 million.
Beyond Meat’s shares leapt 14% in after-hours trading.
The El Segundo, California-based maker of plant-based hamburgers, sausages, nuggets and other items stated its sales volumes continued to decrease regardlessof rate cuts in the U.S. and Europe. The strong dollar likewise hurt earnings from abroad, the business stated.
Beyond Meat’s web loss narrowed to $66.9 million for the quarter, or $1.05 per share. That likewise beat Wall Street’s projection of a $1.18 per-share loss.
Beyond Meat President and CEO Ethan Brown stated the business is seeing development in its drive to cut expenses and production intricacy. Beyond Meat cut 200 tasks __ or 19% of its laborforce __ in October and hasactually narrowed its North American agreement producers from 8 to 3. It likewise decreased stock.
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