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Products from Beyond Meat, the vegan hamburger maker, are on sale at a market in Encinitas, California on June 5, 2019.
Reuters
Beyond Meat posted a higher-than-expected business analyst figure on Thursday in its first quarterly report since its release.
The company's shares jumped 15% in after-hours transactions.
"We are very pleased with our successful IPO in May and our strong first quarter financial results, which demonstrates, in our view, the desire of traditional consumers to purchase herbal meat products. in the United States and around the world, "said CEO Ethan Brown in a statement. .
The manufacturer of herbal meat substitutes reported a net loss of $ 6.6 million in the first quarter, or 95 cents per share, or a net loss of $ 5.7 million, or 98 cents per share, one year earlier.
On a pro forma basis, taking into account the conversion of stock warrants, Beyond recorded a loss of 14 cents per share for the first quarter.
Net sales rose 215% to $ 40.2 million, exceeding expectations by $ 38.9 million, according to a Refinitiv survey of analysts.
The company stopped its frozen chicken strips during the quarter, which resulted in lower revenues for its frozen products. In total, grocery store sales accounted for $ 19.6 million of sales this quarter. Sales to restaurants such as Carl & # 39; s Jr. and Del Taco generated $ 20.6 million in revenue.
Beyond expects revenue for 2019 to be over $ 210 million. The company said it would provide no prospect of net loss.
Beyond meat has soared more than 160% during its first day of trading in government markets and has now climbed nearly 300% compared to the price of its initial public offering, giving to the company a market value of $ 5.8 billion.
This is a last-minute story. Please check again for updates.
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