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Home » Retail » Beyond Meat Exceeds Expectation, Reported 141% Revenue Increase for Q1 2020

Beyond Meat Exceeds Expectation, Reported 141% Revenue Increase for Q1 2020

Tony Allen by Tony Allen
May 6, 2020
in Retail
1 min read
34
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Beyond Meat Q1 Revenue Report

Beyond Meat exceeds Wall Street expectation and reported 141% increase for Q1 2020. Photo: UBC Media Relations | Flickr | CC BY 2.0

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.

Tony Allen

Tony Allen

Tony Allen received a bachelor’s degree in journalism from the University of South Florida in 2011, specializing in feature writing and reporting on sports and events.

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