Beyond Meat Shares Explode on Q1 Revenue Soaring 141%

Shares of alternative meat company Beyond Meat were soaring in after-hours trading on Tuesday after the company reported first quarter financial results. The stock saw a gain of about 5%.

For the quarter the company revealed that revenue had skyrocketed 141%. Revenue hit $97.1 and beat the $88.3 million that analysts were expecting per Refintiiv.

Beyond Meat reported net income of $1.8 million, or 3 cents a share. This is in comparison to a net loss of $6.6 million, or 95 cents a share, one year ago.

Adjusted earnings before interest, taxes, depreciation and amortization was $12.7 million.

Beyond Meat has withdrawn its 2020 forecast due to the ongoing coronavirus pandemic and warned that the company saw a drop in sales at the end of March.

“I am proud of our first-quarter financial results, which exceeded our expectations despite an increasingly challenging operating environment due to the Covid-19 health crisis,” CEO Ethan Brown stated.

Beyond Meat said it expects to continue to benefit from consumers eating at home, but “the magnitude and duration of the impact to the foodservice channel, in particular,” has caused it to pull the forecast.

As of March 28th, Beyond Meat had about $246.4 million in cash on hand, it said, and outstanding debt of about $30.6 million. On April 22, the company announced it entered into a new $150 million revolving credit facility.

“We maintained our solid top-line momentum while driving our best-ever performance in production unit cost per pound,” CFO Mark Nelson said. “Despite near-term challenges ahead stemming from the ongoing global health crisis, our improving operating results and continued strength of our balance sheet give us added confidence about the Company’s long-term financial position.”

It was this week that plant-based meat competitor Impossible Foods announced plans to start selling its burgers in supermarket chain Kroger which represents an 18-fold increase in the company’s retail footprint this year. It hopes to expand its retail footprint 50-fold this year.

Disclaimer: We have no position in Beyond Meat Inc. (NASDAQ: BYND) and have not been compensated for this article.