Share
Beyond Meat narrowed its losses in the fourth quarter as sales of its plant-based meat soared.
The California-based company, which went public last year, said it lost $452,000 in the fourth quarter, down from a loss of $7.5 million in the October-December period last year.
Beyond Meat’s shares fell 7% to $99.00 in after hours trading. They nearly reached $240 last July after the company raised its 2019 revenue outlook.
Fourth quarter revenue more than tripled to $98.5 million, beating analysts’ estimate of $81 million. Beyond Meat CEO Ethan Brown said the company’s plant-based burgers and sausages are now available at Costco in the U.S. and Canada, among other retail outlets.
“Right now is a time for growth for Beyond Meat,” Brown said on a conference call with investors. “A growing number of consumers want what we are doing to work.”
Mixed Success From Retailers
Beyond Meat said it expects revenue to climb to $490 million to $510 million this year, an increase of 64% to 71% from 2019. It also said it expects to accelerate spending on marketing, research and development and expansion into international markets.
The company’s products have had some mixed news recently from retailers.
Starbucks recently announced that it would offer a Beyond Meat sandwich at almost all of its 1,500 Canadian stores starting in March. The patty is made from peas and brown rice and features a blend of fennel, rosemary and other spices.
KFC is also testing Beyond Meat’s plant-based fried chicken in Charlotte, North Carolina, and Nashville, Tennessee, next month.
But Tim Hortons pulled Beyond Meat sausages from its 4,000 Canadian stores. The company said the sausage, introduced last May, was a slow seller.
RELATED TOPICS:
Fresno Firefighters Save Dog From Canal and Now She’s Ready for Adoption
10 hours ago
Big Brands Spend Just Enough on X to Avoid Musk’s ‘Naughty List’
10 hours ago
Judge Dismisses Corruption Case Against New York City Mayor Eric Adams
10 hours ago
Why Project Labor Agreements Are Good for Our Schools and Students: Opinion
11 hours ago
Western US Sees Sharp Increase in Extreme Weather Impact
12 hours ago
Amazon Said to Make a Bid to Buy TikTok in the US
12 hours ago
Fresno Man Found Dead, Coroner’s Office Seeks Help Finding Family
12 hours ago
Senate Rebukes Trump’s Tariffs as Some Republicans Vote to Halt Taxes on Canadian Imports
5 hours ago
Categories

Senate Rebukes Trump’s Tariffs as Some Republicans Vote to Halt Taxes on Canadian Imports

Supreme Court Sides With the FDA in Its Dispute Over Sweet-Flavored Vaping Products

Trump Announces Sweeping New Tariffs to Promote US Manufacturing, Risking Inflation and Trade Wars

Fresno Firefighters Save Dog From Canal and Now She’s Ready for Adoption

Big Brands Spend Just Enough on X to Avoid Musk’s ‘Naughty List’
