Beyond Meat reported higher-than-expected sales in the fourth quarter despite weak U.S. demand.
The results sent the plant-based meat maker's stock soaring more than 78% in after-market trading.
The company said its revenue for the October-December period fell 8% to $73.7 million. That was better than the $66.7 million Wall Street was expecting, according to analysts polled by FactSet.
Beyond Meat said its U.S. sales fell 23.5% during the quarter. Grocery sales were down despite lower prices, the company said, and restaurant demand also fell. But Beyond Meat said its international sales jumped 28.5% during the quarter on both stronger grocery and restaurant sales.
The El Segundo, California-based company said its net loss more than doubled to $155.1 million for the fourth quarter, or $2.40 per share. Adjusted for one-time items, including restructuring costs, the company lost 92 cents per share, according to Zacks Investment Research. That was steeper than the 89-cent loss analysts forecast, according to FactSet.
Beyond Meat cut its full-year earnings forecast last November, saying U.S. sales were hurt by rising inflation as well as growing perceptions that its products are overly processed and unhealthy. It also cut its workforce and trimmed slow-selling products, including plant-based jerky.
The company hopes to reverse its U.S. losses with a new version of its signature Beyond Burger that has less sodium and saturated fat and more protein. The new burger and Beyond Beef grounds go on sale in the U.S. this spring.
