Beyond Meat earnings: Shares rise 6% on big revenue beat

Beyond Meat earnings: Shares rise 6% on big revenue beat

27 Feb    Finance News

There was plenty of bite in Beyond Meat Inc.’s quarterly sales.

Beyond Meat’s BYND, -5.66%   shares were initially up 6% in after-hours trading Thursday after the maker of plant-based products reported fourth-quarter earnings that blew past Wall Street revenue estimates.

The El Segundo, Calif.-based company said it lost $452,000, or 1 cent a share, in the quarter, compared with a loss of $7.5 million, or 18 cents a share, in the year-ago quarter. Revenue soared 212% to $98.5 million from $31.5 million a year ago.

Analysts surveyed by FactSet had expected net income of 1 cent a share on sales of $81.2 million.

The earnings report came a day after Beyond Meat said it was teaming with Starbucks Corp. SBUX, -2.95%  to sell breakfast sandwiches with Beyond Meat sausage patties. The sandwiches go on sale March 3 in about 1,500 stores in Canada. In late January, Restaurant Brands International Inc. QSR, -2.53%  subsidiary Tim Hortons stopped selling Beyond Meat products at its shops in Ontario and British Columbia, according to a Bloomberg News report. The chain started selling the plant-based products across Canada in June but scaled back the offerings to Ontario and B.C. in September, according to Bloomberg.

Shares of Beyond Meat, which went public May 2, 2019, are up 40.4% this year, while the broader S&P 500 index SPX, -4.42%  has declined 7.8% year to date.

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