Beyond Meat Inc. (NASDAQ: BYND) reported its most recent quarterly results after the markets closed on Monday. The faux meat firm posted $0.06 in earnings per share (EPS) and $92.0 in revenue, compared with consensus estimates that called for $0.03 in EPS and $82.23 million in revenue. The third quarter from last year had a net loss of $1.45 in EPS and $26.3 million in revenue.
During the quarter, net revenues increased 250% year over year. Growth in net revenues in the third quarter of 2019 was primarily due to an increase in sales volumes of products in Beyond Meat’s fresh platform across retail, restaurant and foodservice channels, driven by expansion in the number of points of distribution, including new strategic customers, international customers, and greater demand from existing customers.
In terms of the breakdown, Beyond Meat’s Retail segment revenue increased 211.5% year over year to $50.47 million, and the Restaurant and Foodservice segment revenue increased 311.8% to $41.50 million.
Looking ahead to the 2019 full year, the company is raising its guidance. Beyond Meat now expects to see net revenues in the range of $265 million to $275 million, up from its prior expectation of net revenues over $240 million. The company also expects to see adjusted EBITDA of roughly $20 million. Consensus estimates are calling for a net loss of $0.30 per share and $264.44 million in revenue for the full year.
Ethan Brown, Beyond Meat’s president and CEO, commented:
We are very pleased with our third quarter results which reflect continued momentum across our business and mark an important milestone as we achieved our first ever quarter of net income. We remain focused on expanding our distribution footprint, both domestically and abroad, building our brand, introducing new innovative products into the marketplace, and bolstering our infrastructure and internal capabilities to fuel our future growth.
Shares of Beyond Meat closed Monday at $105.41, with a post-IPO range of $45.00 to $239.71. The consensus analyst price target is $146.70. Following the announcement, the stock was initially down 5.5% at $99.63 in the after-hours session.
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