Q4 2024 Beyond Meat Inc Earnings Call Transcript
Key Points
- Beyond Meat Inc (BYND) achieved two consecutive quarters of year-over-year net revenue growth after more than two years of declining sales.
- The company launched new products, including Beyond 4, Sun sausage line, and an extension of the Beyondsate platform, which received accreditations from the American Heart Association and American Diabetes Association.
- Operating expenses were reduced by over $50 million in 2024, excluding a $7.5 million settlement.
- Gross margin improved to 13.1% in Q4 2024, up substantially year-over-year.
- International expansion continues with new product launches in France and other European markets, including partnerships with McDonald's and other QSRs.
- Despite improvements, the full-year net revenues for 2024 were down 4.9% compared to 2023.
- Gross margin for the full year was lower than expected at 12.8%, impacted by lower-than-expected net revenue per pound and unfavorable foreign currency exchange rates.
- US Foodservice net revenues decreased by 2.1% in Q4 2024, primarily due to lower burger sales to a large QSR customer.
- Operating expenses, although reduced, still amounted to $47.8 million in Q4 2024.
- The company announced a reduction in force and suspension of operational activities in China to further reduce operating expenses.
Good afternoon, and welcome to the Beyond Meat fourth quarter and full year 2024 conference call. (Operator Instructions)
Please note that this event is being recorded. I would now like to turn the conference over to Paul Sheppard, Vice President, FP&A and Investor Relations. Please go ahead, sir.
Thank you. Hello, everyone, and thank you for your participation on today's call. Joining me are Ethan Brown, Founder, President and Chief Executive Officer; and Lubi Kutua, Chief Financial Officer and Treasurer. By now, everyone should have access to our fourth quarter and full year 2024 earnings press release filed today at a market close. This document is available in the Investor Relations section of Beyond Meat's website at www.beyondmeat.com.
Before we begin, please note that all the information presented today is unaudited and that during the course of this call, management may make forward
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