Beyond Meat Inc (NASDAQ:BYND) is trading lower Friday after the company reported weak top-line results for the fourth quarter and issued guidance below estimates.
Beyond Meat said fourth-quarter revenue declined 1.2% year-over-year to $100.7 million, which came in below the estimate of $101.36 million. The plant-based meat company reported a quarterly earnings loss of $1.27 per share.
"In 2021 we saw strong growth in our international channel net revenues, as well as sporadic yet promising signs of a resumption of growth in U.S. foodservice channel net revenues as COVID-19 variants peaked and declined. These gains, however, were dampened by what we believe to be a temporary disruption in U.S. retail growth, for our brand and the broader category," said Ethan Brown president and CEO of Beyond Meat.
"Though we will continue to invest during 2022, we expect to substantially moderate the growth of our operating expenses as we leverage the building blocks we now have in place," Brown added.
Beyond Meat expects full-year 2022 revenue to be between $560 million and $620 million versus the $637.34 million estimate.
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Following Beyond Meat's results, several analyst firms lowered price targets on the stock, ranging from $32 to $50 per share.
BYND Price Action: Beyond Meat's 52-week high is $162.78. It's making new 52-week lows Friday.
The stock was down 10.1% at $44.10 at time of publication.
Photo: courtesy of Beyond Meat.
