Beyond Meat Inc ( BYND ) reported third-quarter financial results Wednesday after the bell. Here’s a rundown of the report.

Q3 Earnings: Beyond Meat ( BYND ) reported third-quarter revenue of $81.01 million, beating the consensus estimate of $80.71 million, according to Benzinga Pro. The plant-based meat company reported a third-quarter adjusted loss of 41 cents per share, beating estimates for a loss of 44 cents per share.

Total revenues increased 7.6% on a year-over-year basis. U.S. retail channel net revenues increased 14.6% year-over-year and U.S. foodservice channel net revenues increased 15.5%. International retail channel net revenues jumped 17% year-over-year while international foodservice channel net revenues fell 17.2%.

Beyond Meat ( BYND ) ended the quarter with $134.9 million in cash, cash equivalents and restricted cash. The company had total outstanding debt of $1.1 billion as of Sept. 28.

“We are pleased to report that in the third quarter, we returned to growth, increasing net revenues on a year-over-year basis, while continuing to expand gross margin and reduce operating expenses on both a sequential and year-over-year basis,” said Ethan Brown, president and CEO of Beyond Meat ( BYND ).

“Looking ahead, we expect to increase our cash reserves by year-end and pursue further balance sheet restructuring in 2025.”

Outlook: Beyond Meat ( BYND ) revised its full-year 2024 revenue outlook from a range of $320 million to $340 million to a new range of $320 million to $330 million. Analysts are anticipating full-year revenue of $328.59 million, according to estimates from Benzinga Pro.

Management will further discuss the company’s quarterly results on a conference call slated for 5 p.m. ET.

BYND Price Action: Beyond Meat ( BYND ) shares were down 5.78% after hours at $6.20 at the time of publication Wednesday, according to Benzinga Pro.

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