Beyond Meat Stock Jumps 23% As Q1 Report Tops Expectations

Beyond Meat Inc reported quarterly revenue above Wall Street estimates in its first results as a public company

Beyond Meat Inc reported quarterly revenue above Wall Street estimates in its first results as a public company

The ten-year-old vegan burger maker had also reported its quarterly earnings well-above Wall Street's estimate, its first result as a public company, and added that it had been expecting a net revenue of $210 million this year, a 140 percent upsurge from a year earlier. Analysts averaged Beyond Meat's full-year revenue to hit $205 million.

Beyond Meat Inc. shares soared late Thursday after the maker of plant-based burgers beat Wall Street's expectations in its first earnings report since its initial public offering in May and issued a rosy sales forecast.

Beyond Meat's imitation meat patties and sausages are made from ingredients such as pea protein, coconut and canola oil.

McDonald's executives have said that they are waiting to see how a plant-based meat alternative drives customer traffic, given how the menu addition would increase complexity in the kitchen, which can translate to slower service.

Beyond Meat reported first-quarter revenue of $40.2 million, up 215% from a year ago, and a net loss of 14 cents per share on a pro forma basis. Impossible has been struggling to meet the high demand for its product, suggesting that as interest increases in Impossible, more customers may turn to Beyond, as well.

But Brown is not cowed by rivals, he said. California's Gelson's Market told Reuters that when placed in the freezer section, Beyond Meat didn't sell well, but since being moved to the vegan section, sales of the product are up 60%. Some grocers, such as The Fresh Market Inc, which operates some 160 stores across 22 states, place Beyond Meat in the freezer with other veggie burgers or even the dairy section as they evaluate sales and decide on a long-term placement strategy.

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Beyond Meat plans to expand into Europe and Asia, he said.

"I don't think it will ever be as big as meat, but it's definitely adding growing sales which is something every retailer is looking for", he said.

Last month it was announced, demand for fake-meat products produced by Impossible Foods is so high that the company is running out of stock amid unprecedented demand and a lucrative deal with Burger King.

Brown said the company is in the testing phase with several fast-food chains but did not say which ones. And Tyson Foods, which was an early investor in Beyond Meat, is now creating its own plant-based product. Euromonitor predicts the market for plant-based meat substitutes will reach $2.5 billion by 2023.

"We're at a point where plant-based meats have become a segment of their own, and by the end of the year we'll have a section exclusively dedicated to these products inside the meat department", said Beretta.

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