Beyond Meat Returns to Growth With Encouraging Q3 Financial Results

Beyond Meat has reported promising financial results for the third quarter of 2024, showing a return to growth. The company achieved a 7.6% year-on-year increase in net revenues, reaching $81.0 million, with gross profit reaching $14.3 million compared to a loss in the year-ago period. Despite a decrease in volume of products sold, the increase in revenues was primarily driven by a 15.8% increase in net revenue per pound achieved through various strategies.

Notably, US foodservice revenues increased, partly due to sales of plant-based chicken to a QSR customer, while US retail revenues also saw an increase. The international retail channel experienced a 6.0% increase in products sold, but the international food service channel saw a decrease due to lower sales in the EU. Beyond Meat has updated its outlook for 2024 with expectations of net revenues between $320 million to $330 million and continued efforts to combat misinformation and improve product offerings.