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Beyond Meat (NASDAQ:BYND) was up more than 8% in aftermarket hours following the report.
The company reported a loss of 92 cents per share on revenue of $92.2 million, topping analyst estimates for a loss of $1.02 a share on revenue of $91.7M.
The better-than-expected results were driven by a jump in gross margin to 6.7% from 0.2% in the year-ago period, underpinned by lower costs.
The rise in margin was partially offset by “lower net revenues per pound and higher inventory reserves, which increased costs per pound,” the company said.
Looking ahead, the company reaffirmed its forecast for revenues to be in the range of approximately $375M to $415M, representing a decrease of approximately 10% to 1% compared to 2022.
Gross margin, however, was now expected to be 1% to 2% points above prior guidance of the low double-digit range for the full year, following an accounting change.
