Economy

Beyond Meat expects to sell a lot more meatless meat in 2019

Beyond Meat expects to sell a lot more meatless meat in 2019

Beyond Meat declined to comment ahead of its first earnings report scheduled for Thursday afternoon.

Shares of Beyond Meat soared as much as 23% in after-hours trading Thursday after the company reported quarterly results for the first time since it went public.

As for the rest of the year, Beyond Meat is forecasting net revenues to exceed Dollars 210 Million, representing a 140% increase year-over-year.

"We're being very conservative and viewing this as a floor", said chief executive Ethan Brown.

The better-than-expected results and forecast led the stock to soar almost 21% in extended trade on Thursday.

Net loss was $6.6 million in the first quarter versus a net loss of $5.7 million in the prior-year period. Excluding items, it lost 14 cents per share. Analysts were expecting sales of US$205 million, according to Refinitiv IBES data. Its $25 opening share price jumped 163% in the first day of trading, the biggest first-day pop since 2015, according to Renaissance Capital. If Beyond supplies meatless patties to McDonald's, he said, the company's value would grow. To put that into perspective, revenue past year was all of US$88 million.

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'It is very, very hard to build products with the level of ingredient integrity that we have, ' Brown said.

"We're still heavily weighted on probably 60 to 70 percent of the Beyond Meat being sold from the vegan location", Saenz said, calling purchases out of the fresh meat case "more of an impulse buy".

In a bid to directly compete with ground beef and pork sausage, Beyond Meat Inc bills itself the world's first plant-based burger sold in the meat case of US grocery stores. As of Friday morning, shares were trading at United States dollars 128 per share, representing over a 400% increase since then, making Beyond Meat the best performing IPO this year so far.

Grocery store sales accounted for $19.6 million of Beyond Meat's sales in the first quarter while sales to restaurants such as Carl's Jr. and Del Taco accounted for $20.6 million of its revenue. He said Beyond Meat now has the capacity to take on the big ticket of a large, national fast-food client. Burger King has already partnered up with Impossible Foods. Retailers, including Whole Foods, Kroger and restaurant chain TGI Friday's have formed partnerships with the vegan meat maker.

'It's nothing that would break our system, ' he said. McDonald's, meanwhile, has not teamed with a plant-based meat company as of yet.

Nestlé recently announced its plan to roll out a plant-based Awesome Burger this fall. While the product is vegan and vegetarian, the company isn't marketing itself that way because it wants to attract a broader customer base, including those who eat animal-based protein.


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