Beyond Meat shares leap following first report since IPO

Beyond Meat

Shares of the plant-based meat substitutes firm founded in 2009 by Ethan Brown soared to as high as 23 percent in after-hours trading Thursday before settling down 18 percent at $117.49.

The El Segundo, Calif. -based chain said its net revenues more than tripled in the quarter ended March 30, to $40.2 million.

Looking forward, Beyond Meat now expects full-year revenues to be in excess of $210m - ahead of the $205m priced in by analysts.

Beyond Meat's first earnings report since going public on May 2 easily beat analysts' expectations, with the company now predicting it will more than double its revenue this year compared to 2018.

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. To put that into perspective, revenue past year was all of US$88 million.

Sales are growing as people seek to cut down on meat for health and environmental reasons. The space is only getting more crowded, and the sooner Beyond Meat can solidify brand loyalty among shoppers and satisfactory performance for grocers, the stronger position it will have as Nestlé, Impossible Burger and others reach grocery aisles.

But Brown is not cowed by rivals, he said. Sales were about evenly split between groceries and restaurants.

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

Nestle, the world's biggest packaged foods group, seeks to sell a pea-based veggie patty called Awesome Burger under its US plant-based Sweet Earth brand in the fall.

That growth has competition, however, including Impossible Foods, which has inked deals with Burger King for its Impossible Burger, and other fast food giants. And Tyson Foods, which was an early investor in Beyond Meat, is now creating its own plant-based product. Beyond Meat is now valued at almost $6 billion. 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%. Brown said the company believes it has the capacity to handle demand for the next two years.

Tyson Foods Inc, the largest US meat processor, is also working on its own line of alternative protein products after it sold its stake in Beyond Meat in April. With rapid consumer adoption of Beyond Meat and similar products, the potential added sales could offer a big boost to grocers' profits during a time when every dollar counts.

The plant-based burger company did not comment, but noted in its regulatory filings that its growth could be stunted depending on placement.

Related News:

  • All X-Men Movies Ranked Best to Worst, By Rotten Tomatoes Rating

    All X-Men Movies Ranked Best to Worst, By Rotten Tomatoes Rating

    If you're going to name a movie after an all-time supervillain, your take on said villain better be on point. He joined the fight and ended up dying not long after he was introduced.
    Four Canadians earn berths in Canadian Open at Monday qualifier

    Four Canadians earn berths in Canadian Open at Monday qualifier

    McIlroy is still the hottest player on the planet and is still looking for his unparalleled 10th top-10 finish of the season. All four qualifiers are also playing in this week's RBC Canadian Open at Hamilton Golf and Country Club in Ancaster, Ont.
    Sir Winston finishes first at Belmont Stakes

    Sir Winston finishes first at Belmont Stakes

    Mark Casse got himself a second straight Triple Crown victory on Saturday - he just got it with the horse he didn't expect. Celebrating the pursuit of American excellence, NBC Sports is the exclusive home to all three races of the Triple Crown.
  • Truck collides with Amish carriage in MI , killing 2 children

    Truck collides with Amish carriage in MI , killing 2 children

    The five kids were travelling in an Amish horse-drawn carriage with two adults when a pickup truck smashed into the back of them. Police say a 4-year-old faces life-threatening injuries, and a 3-year-old appears to face major injuries, WWMT reports.
    Uber helicopter will cost you $200 in New York

    Uber helicopter will cost you $200 in New York

    Uber Technologies Inc., the popular ride-sharing company, is expanding into new territory and testing the service in NYC. News has surfaced of Uber's newest venture courtesy of today's New York Times - Uber Copter.
    How tariffs wiped out USA  consumers' tax cut

    How tariffs wiped out USA consumers' tax cut

    As companies move out of China in order to avoid USA tariffs, "there's going to be a big economic opportunity for a lot of other countries", he said.
  • UFC 238: Cejudo vs

    UFC 238: Cejudo vs

    A series of short elbows and power shots led to an eventual stoppage when referee Marc Goddard jumped in at 4:51. Cejudo (15-2) said he had a severely sprained ankle heading into the fight but overcame it despite the pain.
    Leopard kills toddler in S. Africa's Kruger park

    Leopard kills toddler in S. Africa's Kruger park

    The child's father told local newspaper The Star: "We rushed him to Shongwe Hospital but when we arrived he was already dead". Authorities said they suspect the lions escaped from the Kruger National Park, the country's largest game reserve.
    Russian journalist charged with attempt to deal 'large amount' of drugs: lawyer

    Russian journalist charged with attempt to deal 'large amount' of drugs: lawyer

    Interfax news agency cited an unnamed paramedic as saying Mr Golunov had chest abrasions, rib bruises and head injuries. But many journalists suspect the arrest was retribution for Golunov's investigative work.
  • British Prime Minister Theresa May steps down as leader

    British Prime Minister Theresa May steps down as leader

    He champions a tougher stance on Brexit, saying Britain should leave with or without a deal by the new deadline of October 31. The Conservatives weren't the runners-up in a constituency they have only lost control of three times since 1880.
    Manchester United confirm Daniel James deal

    Manchester United confirm Daniel James deal

    James has won two caps for the Red Dragons under Giggs this year since switching his iternational allegiance from England. The player has completed a medical and will soon become manager Ole Gunnar Solskjaer's first signing at Old Trafford.
    Meghan Markle misses Buckingham Palace balcony at Trooping the Colour

    Meghan Markle misses Buckingham Palace balcony at Trooping the Colour

    Meghan , Duchess of Sussex , looked glowing as she made her first official appearance since introducing her son to the world. This is Meghan's second Trooping of Colours ceremony, with her first being shortly after her marriage previous year .

Most liked

Sophie Turner blames Kit Harington for GoT coffee cup blunder
Conan began the interview by explaining: "There was this coffee cup on set that was left on the scene". Sophie and Conan go on to play a game she likes to call 'Tequila Slaps'.

Ex-Minneapolis cop who killed Justine Damond sentenced to prison
Judge Kathryn Quaintance said the jury members who convicted Noor had asked when the United States police culture would change. It leaves me numb and feeling incredibly lonely, but none of that, none of those words can capture what it truly feels like.

Chris Pratt and Katherine Schwarzenegger are married
The former couple shares a 6-year-old son, Jack . "And Chris seems giddy with excitement", a source told the publication. Following the ceremony, guests were served cocktails on the lawn as they enjoyed music from a live band.

Venezuela crisis: Border with Colombia reopens after four months
The visit comes a month after a failed attempted to seize power by the opposition leader Juan Guaido . He has since been recognised by more than 50 countries, including the USA and most of Latin America.

Biden still leads in 2020 Iowa poll
That makes the results of this poll not directly comparable to past polls of the presidential field, the Register said. Nine did not register support in the poll. "The great majority of these candidates don't even crack 5% in this poll".

John Cena Officially Part Of Fast & Furious Franchise
He's working from a screenplay by Dan Casey , who penned the script for Josh and Jonathan Baker's intriguing sci-fi thriller Kin . We know, we know: John Cena? Production starts later this month for a May 22, 2020 release; Diesel is also producing the flick.

A new platform developed by Toyota and Subaru
Also, it is nice to see Subaru get into the game as there has been nearly no news from them regarding electric vehicles. This time the two automakers have come together to built a new platform for midsize and large passenger vehicles.

Barnes & Noble sold to hedge fund Elliott Advisors for $683M
Barnes & Noble finally closing the books on its almost 26 years as a publicly traded company. It purchased United Kingdom -based book chain Waterstones in 2018 for $279 million.

US Economy: Could Weak May Job Report Numbers Signal A Slowdown?
A strong dollar, which makes USA goods costlier overseas, has also slowed the production and export of manufactured goods. Stock investors, too, signaled their approval, with the Dow Jones Industrial Average up about 250 points by midday.

Rafael Nadal v Dominic Thiem: French Open men's final
Court-Philippe Chatrier is Nadal's most dominant court and the 33-year-old is entering the Nadal in vintage form. He will be hoping for a different result when he faces 11-times champion Rafael Nadal in the final on Sunday.

RBA cuts to 1.25% and leaves room for more
The RBA was expected to cut the cash rate in May but made a decision to hold off as it monitored the strength of the labour market.

OnePlus 7 Pro camera improvements arriving with OxygenOS 9.5.7
OxygenOS 9.5.7 brings improvements for the overall contrast and color output of pictures that you take with the OnePlus 7 Pro. The Double Tap to Wake feature has been optimised and the issues regarding the Ambient Display feature has also been fixed.

Apex Legends - Wattson Legend Reveal Trailer
Closing out the stream was a sizzle reel that featured a very intriguing teaser - some sort of giant animal/monster eyeball. Natalie " Wattson " Paquette can build her own defensive structures, a counter to the game's typical aggressive characters.

Smriti Irani shows solidarity with Indian Army amid MS Dhoni gloves row
According to ICC, the regulations don't permit individual messages or logos to be displayed on any item of clothing or equipment. In its rulebook, ICC is stated that two manufacturer's designs or logos are allowed to be printed on the wicket-keeper's gloves.

Bradley sets pace at RBC Canadian Open
Defending champion Dustin Johnson got off to a awful start, though it could have been worse. Every time I come to play in Canada, I love the courses we play.