Shares of Beyond Meat Inc (NASDAQ: BYND) rallied in after-hours trading Thursday, after the plant-based burger maker reported its first quarterly earnings since making its public debut in May.
The El Segundo, CA-based company uses canola oil, yellow pea protein, and vegetable starches to makes burgers that taste, feel, and smell like real meat. BYND stock has gained more than 300% since going public, and that has made being short very expensive.
The stock, which closed the regular trading session at $99.50 a share, jumped 20.6% to $120.00 in after-hours trading.
BYND Earnings & Outlook
Beyond Meat reported a net loss of $6.6 million, or $0.95 per share compared with a net loss of $5.7 million, or $0.98 per share, in the same period a year ago.
Adjusted for one-time items, earnings came to $0.14 per share, compared with $0.15 per-share loss that analysts surveyed by FactSet had expected.
Net sales, Beyond Meat said, came to $40.2 million, up 215% on a year-over-year basis. On average, analysts polled by FactSet had been calling for net sales of $38.9 million.
Looking ahead, Beyond Meat hopes to post net sales of more than $210 million for the full year. Wall Street expect the company to come out with net sales of $204.9 million for the year.
Beyond Meat CEO Comments
“We are very pleased with our successful IPO during the month of May and our strong first quarter financial results that we believe demonstrate mainstream consumers’ desire for plant-based meat products in the United States and internationally. Our team continued to scale our business in both retail and foodservice as we benefited from broad-based growth in the first quarter,” commented Ethan Brown, Beyond Meat’s President and Chief Executive Officer.
“Looking ahead, we believe we are in the early stages of achieving the growth that Beyond Meat is capable of as we remain focused on efforts to increase brand awareness, expand our distribution channels, launch additional innovative products, and invest in our infrastructure and capacity to be able to serve a robust global market for plant-based meats.”
Beyond Meat Inc Profile
Beyond Meat Inc is a food company based in the United States. It offers a portfolio of revolutionary plant-based meats.
The company has developed three core plant-based product platforms including beef, pork and poultry. Its flagship product is The Beyond Burger, is designed to look, cook and taste like traditional ground beef.
It generates revenues primarily from sales of its products, including The Beyond Burger, Beyond Sausage, Beyond Chicken and other plant-based meat products. Its customers include mainstream grocery, mass merchandiser and natural retailers, as well as restaurants and other foodservice outlets mainly in the United States.