Beyond Meat — a plant-based startup — exceed Wall Street’s expectation in after trading Tuesday, up by 7%. According to the company, the growth sprung from the increase in volume sold caused by the expansion in distribution points both locally and abroad, higher sales velocities at existing retail customers, and contribution from newly introduced products in the Q1 of 2019.
The company reported net revenue of $97.1 million for Q1 of 2020, beating Wall Street’s $86.88 million. Its first-quarter earnings rallied an increase of 141% from the same period last year, which is $40.2 million.
The report makes the company’s adjusted earnings before interest, taxes, depreciation, and amortization or EBITDA to $12.7 million. Last year, the adjusted EBITDA loss of Beyond Meat was $2.1 million.
“I am proud of our first-quarter financial results, which exceeded our expectations despite an increasingly challenging operating environment due to the Covid-19 health crisis,” said Beyond Meat’s President and CEO, Ethan Brown.
Net income came in at $1.8 million or $0.03 per share for this quarter, which well beyond analyst estimates of -$0.07 per share. This also exceeds Q1 2019’s net loss of $6.6 million or $0.95 per share.
Shares of the company rallied at 7% with last traded price of $100.09, Wednesday, May 6, 2020.