Beyond Meat soars in best IPO since the financial crisis
Plant-based burger maker Beyond Meat Inc. on Thursday reported quarterly revenue above analysts’ estimates in its first results since going public, and said it expects to double its sales this year.
The company’s shares jumped 16 per cent in extended trading.
The company said it expects net revenue of US$210 million, an increase of more than 140 per cent compared with 2018. Analysts were expecting sales of US$205 million, according to Refinitiv IBES data.
“We are in the early stages of achieving the growth that Beyond Meat is capable of,” Chief Executive Officer Ethan Brown said in a statement, adding that the company is focused on increasing brand awareness, expanding distribution channels and launching innovative products.
Beyond Meat’s burgers feel, smell and taste like real meat, but is made of yellow pea protein, canola oil and other vegetable starches.
The California-based company said net loss widened to US$6.6 million in the three months ended March 30, from US$5.7 million a year earlier.
Loss per share for the first quarter narrowed to 95 cents per share from 98 cents.
Net revenue came in at US$40.2 million, an increase of 215 per cent, the company said.
Analysts had expected revenue of US$38.9 million.