Please ensure Javascript is enabled for purposes of website accessibility
Plant-Based Beyond Meat Revenue Triples in Q4
gvw_ap_news
By Associated Press
Published 4 years ago on
March 1, 2020

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.

“Right now is a time for growth for Beyond Meat. A growing number of consumers want what we are doing to work.” — Beyond Meat CEO Ethan Brown 
But its loss of 1 cent per share fell short of Wall Street’s forecast of a 1-cent profit, according to analysts polled by FactSet. Investors were hoping Beyond Meat would pull off another quarterly profit after hitting that milestone in the third quarter.
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:

DON'T MISS

Caitlin Clark and Iowa Draw Nearly 5 Million Viewers for Second-Round NCAA Win

DON'T MISS

Canadian School Boards Sue Snapchat, TikTok and Meta for Disrupting Students’ Education

DON'T MISS

California Law Enforcement Agencies Obstruct Transparency Efforts in Use-of-Force Cases

DON'T MISS

No Police Charges for Taylor Swift’s Dad Over Paparazzi Incident in Sydney

DON'T MISS

Biden Administration to Lend $1.5B to Restart Michigan Nuclear Power Plant, a First in the US

DON'T MISS

Tonight’s Biden Fundraiser With Obama and Clinton Already Nets a Record $25 Million

DON'T MISS

Former Sen. Joe Lieberman, Democrats’ VP Pick in 2000, Dead at 82

DON'T MISS

Trump Criticizes Judge and His Daughter After Gag Order in Hush-Money Case

DON'T MISS

CA Insurance Market ‘in Chaos,’ Says Former Insurance Commissioner. Can Lara Fix It?

DON'T MISS

Police Had About 90 Seconds to Stop Traffic Before Baltimore Bridge Fell. 6 Workers Are Feared Dead

No data was found

Facebook News Tab Will Soon Be Unavailable as Meta Scales Back News and Political Content

11 hours ago

Stock Market Today: Wall Street Rises to More Records to Close Out Its Latest Winning Month

11 hours ago

A Fresno County First: Kerman Council Passes Amended Gaza Cease-Fire Resolution

11 hours ago

UN Top Court Orders Israel to Open More Land Crossings for Aid into Gaza

11 hours ago

How Involved Is Southern California Consulting Firm in FUSD Executive Dealings?

11 hours ago

Biden’s Fundraiser with Obama and Clinton Nets a Record $25 Million, His Campaign Says

12 hours ago

Fresno Unified’s Self-Protection Racket Is Hurting Our Kids

12 hours ago

Rockin’ Out or Laughing, the Valley Has Its Pick of Weekend Events

13 hours ago

Ex-Correctional Officer at Women’s Prison in California Sentenced for Sexually Abusing Inmates

15 hours ago

Caitlin Clark and Iowa Draw Nearly 5 Million Viewers for Second-Round NCAA Win

15 hours ago

PGA HOPE at Riverside Golf Course Introduces Military Veterans to the Game

PGA HOPE, now underway at Fresno’s Riverside Golf Course, is designed to introduce golf to veterans and active duty military members t...

9 hours ago

PGA HOPE at Fresno's Riverside Golf Course
9 hours ago

PGA HOPE at Riverside Golf Course Introduces Military Veterans to the Game

10 hours ago

Cronenworth’s Big Hit Helps Lift the Padres to a 6-4 Win Over Melvin’s Giants

10 hours ago

Shohei Ohtani Reaches 3 Times in Home Debut as the Dodgers Rout the Cardinals 7-1

11 hours ago

Facebook News Tab Will Soon Be Unavailable as Meta Scales Back News and Political Content

11 hours ago

Stock Market Today: Wall Street Rises to More Records to Close Out Its Latest Winning Month

11 hours ago

A Fresno County First: Kerman Council Passes Amended Gaza Cease-Fire Resolution

11 hours ago

UN Top Court Orders Israel to Open More Land Crossings for Aid into Gaza

11 hours ago

How Involved Is Southern California Consulting Firm in FUSD Executive Dealings?

MENU

CONNECT WITH US

Search

Send this to a friend