Plant-based meat maker Beyond Meat beat expectations in its first earnings report since its stock market debut last month.
Beyond Meat’s shares soared after it beat Wall Street’s first-quarter earnings and revenue forecasts. The company said it expected full-year revenue to hit $210 million this year, more than double its revenue last year. Analysts averaged Beyond Meat’s full-year revenue to hit $205 million.
Beyond Meat’s shares jumped more than 20 percent in after-hours trading.
“We’re being very conservative,” CEO and president Ethan Brown said. “I view this as a floor.”
The California-based company lost $6.6 million, or 95 cents per share, in the first quarter, compared to 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.
Beyond Meat reported revenue of $40.2 million, more than triple the prior year. That also beat Wall Street’s forecast of $39 million.
The 10-year-old company priced at the top end of its IPO range at $25 a share ahead of its debut on the Nasdaq last month. Beyond Meat is now valued at nearly $6 billion.
The company plans to expand into Europe and Asia amid the plant-based meat craze that a number of restaurants have embraced including Burger King and Little Caesar’s. Retailers, including Whole Foods, Kroger and restaurant chain TGI Friday’s have formed partnerships with the vegan meat maker.
Currently, Beyond Meat burgers and meat crumbles are being sold at Carl’s Jr. and Del Taco. Tim Hortons is testing the company’s sausages in Canada.
Brown said the company is in the testing phase with several fast-food chains but did not say which ones. Burger King has already partnered up with Impossible Foods. McDonald’s, meanwhile, has not teamed with a plant-based meat company as of yet.
The Associated Press contributed to this report.
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