Beyond Meat beats forecasts in 1Q, shares soar over 20 percent

Modesto Morganelli
Giugno 8, 2019

Beyond Meat's shares soared after the plant-based meat company beat Wall Street's expectations in its first earnings report since its IPO in May. It expects overall revenues to exceed $210 million this year, up more than 140% compared to last.

'We're being very conservative.

Beyond Meat is on track to be one of the best high-profile IPOs of the past decade, with shares already up more than 400 percent from their IPO price. Analysts averaged Beyond Meat's full-year revenue to hit $205 million.

"As long as Street forecasts fail to properly reflect Beyond Meat's remarkable potential, we remain "overweight", Goldman said.

Sales of frozen items dropped 5% in the January-March period after Beyond Meat took its frozen chicken tenders off the market.

The 10-year-old company priced at the top end of its IPO range at $25 a share ahead of its debut on the Nasdaq last month. Beyond Meat is now valued at almost $6 billion.

It's one of the biggest names in a growing category of vegan "meats" that are meant to appeal to both vegetarians and carnivores.

In a conference call with analysts, Brown said he's not concerned about rivals because he thinks Beyond Meat's products are meeting customers demands.

Beyond Meat's imitation meat patties and sausages made from ingredients like pea protein, coconut and canola oil, while a great alternative for consumers conscious of the environment, still needs to put in the work to get more takers as they cost much more than beef burgers.

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

Tim Hortons announced in May that it is testing Beyond Meat's sausage patty in three of its breakfast sandwiches.

Last week, it announced a partnership with Dutch company Zandbergen World's Finest Meat. Later that month, Beyond shared that it will start making its product in the Netherlands next year, in order to reach European customers more quickly.

Currently, Beyond Meat burgers and meat crumbles are being sold at Carl's Jr. and Del Taco.

That growth has competition, however, including Impossible Foods, which has inked deals with Burger King for its Impossible Burger, and other fast food giants.

'It's nothing that would break our system, ' he said.

Beyond Meat reported revenue of $40.2 million, more than triple the prior year.

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