Beyond Meat Non-GAAP EPS of -$0.53 misses by $0.01, revenue of $93.2M beats by $4.8M

Beyond Meat press release (NASDAQ:BYND): Q2 Non-GAAP EPS of -$0.53 misses by $0.01.
Revenue of $93.2M (-8.8% Y/Y) beats by $4.8M.
The decrease in net revenues was primarily driven by a 14.0% decrease in volume of products sold, partially offset by a 6.1% increase in net revenue per pound. The increase in net revenue per pound was primarily driven by lower trade discounts, price increases of certain of our products in our U.S. retail and foodservice channels and, to a lesser extent, changes in product sales mix, partially offset by unfavorable changes in foreign currency exchange rates.
2024 Outlook

Based on management’s best assessment of the environment today, the Company is updating its outlook for the full year 2024:
- Net revenues are expected to be in the range of $320 million to $340 million vs $322.41M consensus
- Gross margin is expected to be in the mid-teens range.
- Operating expenses, excluding the $7.5 million expense related to the consumer class action settlement accrued in the first quarter of 2024, are expected to be in the range of $180 million to $190 million.
- Capital expenditures are expected to be in the range of $15 million to $20 million.

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