Beyond Meat topped analysts’ expectations in its first quarterly report since going public, and predicted that its revenue will more than double in 2019 as demand from existing and new customers continues to grow.
Shares of the company soared as high as…
23% in after-hours trading.
“We’re being very conservative and viewing this as a floor,” CEO Ethan Brown told analysts on a conference call about its full-year outlook.
The maker of plant-based meat substitutes reported a first-quarter net loss of $6.6 million, or 95 cents per share, widening from a net loss of $5.7 million, or 98 cents per share, a year earlier.
On a pro forma basis to adjust for the conversion of stock warrants, Beyond reported a loss of 14 cents per share for its first quarter.
Net sales rose 215% to $40.2 million, topping expectations of $38.9 million, according to a survey of analysts by Refinitiv. Executives attributed the revenue growth to increased sales of the Beyond Burger and greater demand from new and existing customers.
The company discontinued its frozen chicken strips during the quarter, causing a decline in revenue for its frozen products. In total, grocery store sales accounted for $19.6 million of its sales this quarter. Sales to restaurants like Carl’s Jr. and Del Taco made up $20.6 million of its revenue…
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