Plant-based burger maker Beyond Meat beats forecasts in 1Q
Beyond Meat's shares soared after the plant-based meat company beat Wall Street's expectations in its first earnings report since its IPO in May.
The El Segundo, California-based company lost $6.6 million, or 95 cents per share, in the first quarter, up slightly from a 98-cent loss in the same period a year ago.
Adjusted for stock-based compensation costs and other items, the company lost 14 cents per share. That was better than the 15-cent loss analysts had forecast, according to FactSet.
Beyond Meat reported revenue of $40.2 million, more than triple the prior year. That also beat Wall Street's forecast of $39 million.
Beyond Meat's shares jumped 19% to $118.50 in after-hours trading.
Ten-year-old Beyond Meat burst into the spotlight last month with its successful IPO on the Nasdaq. Its $25 opening share price jumped 163% in the first day of trading, the biggest first-day pop since 2015, according to Renaissance Capital. Beyond Meat is now valued at nearly $6 billion.
It's one of the biggest names in a growing category of vegan "meats" that are meant to appeal to both vegetarians and carnivores. Impossible Foods and Nestle — which will launch a Sweet Earth-brand plant-based burger this fall — are others.
Beyond Meat's burgers and sausages are made from pea protein, potato starch and other plant-based ingredients. Its burgers "bleed" with beet juice; its sausages are colored with fruit juice. It sells to 30,000 grocery stores, restaurants and schools in the U.S., Canada, Italy, the United Kingdom and Israel.
Until now, Beyond Meat made all of its products in Columbia, Missouri. Last week, it took a step toward expansion, announcing a partnership with Dutch company Zandbergen World's Finest Meat. Zandbergen is expected to start making Beyond Meat products next year at a new facility in the Netherlands.