Plant-based burger maker Beyond Meat beats forecasts in 1Q
Plant-based meat maker Beyond Meat beat Wall Street’s expectations in its first earnings report since its IPO last month.
The El Segundo, California-based company lost $6.6 million, or 95 cents per share, in the first quarter, up slightly from a 98-cent loss in the same period a year ago.
Adjusted for compensation costs and other items, the company lost 14 cents per share. That was better than the 15-cent loss analysts had forecast, according to FactSet.
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 company was the first pure-play vegan meat maker to go public. Its $25 opening share price jumped 163% in the first day of trading.
Beyond Meat’s shares were flat at $99.85 in after-hours trading.