Beyond Meat sees sales more than doubling in 2019, shares jump 21%

Beyond Meat sees sales more than doubling in 2019, shares jump 21%

The company is expecting revenue to climb above $210 million in 2019, more than double last year's net sales.

Beyond Meat reported revenue of $40.2 million, more than triple the prior year.

Expectations were high heading into Beyond Meat's report on Thursday, with its shares having jumped about 400 per cent since its initial public offering a month ago.

Beyond Meat burgers and sausages are made from pea protein, potato starch and other plant-based ingredients. Faux flesh could claim 10 percent of the global meat industry in the next decade, analysts say - if they can figure out how to define the market: Some are confused by Beyond rival Impossible Foods claiming it sells "meat made from plants".

Sales are growing as people seek to cut down on meat for health and environmental reasons.

On the other hand, Beyond Meat reported a first-quarter net loss of $6.6 million (95 cents per share), or 14 percent higher than the net loss of $5.7 million (98 cents per share) year-on-year. Its product is available in more than 7,000 locations, including Disney Parks, White Castle, Red Robin and Burger King. I view this as a floor, ' President and CEO Ethan Brown said.

According to Reuters, grocery stores are split on the issue.

Beyond Meat plans to expand into Europe and Asia, he said. "McDonald's and Kentucky Fried Chicken restaurants are likely to test plant-based meat products this year given their public comments".

"Beyond is not a startup that can sell a lot of product but make no money", he added. With rapid consumer adoption of Beyond Meat and similar products, the potential added sales could offer a big boost to grocers' profits during a time when every dollar counts.

Beyond Meat, whose rivals include USA -based Impossible Foods, is likely to face increasing competition in the niche market as companies like Nestlé and Tyson Foods ready their own line of products. If Beyond supplies meatless patties to McDonald's, he said, the company's value would grow.

The plant-based burger company did not comment, but noted in its regulatory filings that its growth could be stunted depending on placement.

Brown said the company is in the testing phase with several fast-food chains but did not say which ones.

Canadian packaged meat producer Maple Leaf Foods Inc, which sells plant-based meat alternatives such as vegan ground beef under its LightLife brand, expects its products in the meat case of US retailers by this summer.

Tyson Foods Inc, the largest USA meat processor, is also working on its own line of alternative protein products after it sold its stake in Beyond Meat in April.



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