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:
Trump Says Netanyahu’s Trial Should Be Canceled
13 hours ago
Trump Signals US May Ease Iran Oil Sanction Enforcement to Help Rebuild Country
14 hours ago
CIA Says Intelligence Indicates Iran’s Nuclear Program Severely Damaged
15 hours ago
Upscale Woodward Park Area Apartments Sell for $19 Million
16 hours ago
Trump Administration Orders CA to Strip Trans Athlete of Medals
17 hours ago
Three Mile Island Nuclear Plant Reboot Fast-Tracked to 2027
17 hours ago
Democratic Lawmaker Pleads Not Guilty to Assaulting US Agents at Immigration Center
17 hours ago

Israeli Settlers Raid West Bank Town, Troops Kill 3 Palestinians

West Nile Virus Detected in Mosquitoes in Fresno County

Trump Says Netanyahu’s Trial Should Be Canceled

Trump Signals US May Ease Iran Oil Sanction Enforcement to Help Rebuild Country

CIA Says Intelligence Indicates Iran’s Nuclear Program Severely Damaged
