Beyond Meat expects business to remain strong after reporting a 141 percent jump in quarterly revenues.
"The Company continues to expect to benefit from food-at-home consumer demand in its retail channel," management said in the 2020 outlook of its earnings statement.
The coronavirus has shuttered the dining out industry reducing restaurants to take-out only while forcing many to close altogether.
|BYND||BEYOND MEAT INC.||9.40||-0.16||-1.67%|
Management also acknowledged the tightness in the "animal protein market" that has caused major grocers including Kroger and Costco to limit select purchases.
In response, Beyond Meat said the company will have "heavier discounting on some products," according to comments made on the earnings call, which included the opportunity to stay relevant to the consumer.
|KR||THE KROGER CO.||45.71||+0.05||+0.11%|
|COST||COSTCO WHOLESALE CORP.||558.62||+0.03||+0.01%|
Shares of Beyond Meat rose in the extended session adding to its 32 percent gain so far this year.
For the quarter, revenue hit $97.1 million while the company posted net income of $0.03 a share compared to a $0.95 cent loss during the same period a year ago.
Despite the devasting economic impact of the coronavirus, Beyond Meat continues to innovate and launched its latest breakfast item in March the "Beyond Breakfast Sausage," which it rolled out with the help of domestic diva Martha Stewart and her arsenal of recipes.
The maker of plant-based meat, like many other companies, declined to give an official 2020 forecast citing the uncertainty around COVID-19.