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

Share
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.

Share

Advertisement

Related Posts

When And Where To Watch Live Telecast, Live Streaming
Given that both teams are equally matched on paper, fans can look forward to a mouth-watering contest. If India decides to leave him out, either Ravindra Jadeja or Mohammad Shami will come into the side.

Jobs report signals possible slowdown in USA economy
The Fed has hinted at a possible rate cut earlier this week, sending stocks up , despite some worries over the ongoing U.S. And last week, he threatened to impose 5 percent tariffs on all Mexican imports to the United States beginning Monday.

Thiem targets Nadal after ending Djokovic's 'Novak Slam' hopes
However, the Austrian won their most recent meeting on clay in the semi-finals in Barcelona in April in straight sets. There was another long interruption on Saturday when clouds burst over Court Philippe-Chatrier, adding to the drama.

John Cena Officially Joins Cast of 'Fast & Furious 9'
We know, we know: John Cena? The first Fast & Furious spinoff, Hobbs & Shaw will be released in theatres later this August. I'm exhausted of being a writer and an actress, you know? Vin Diesel hinted at Cena's arrival back in April .

Elliott To Acquire Barnes & Noble For $683M
Tara Lachapelle is a Bloomberg Opinion columnist covering deals, Berkshire Hathaway Inc., media and telecommunications. Paul Singer's Elliott has made a bundle investing in bankrupt companies, usually by buying convertible bonds.

'X-Men: Dark Phoenix' Had Similar Ending To This MCU Movie
She stated that she had "zero, nothing to do with Dark Phoenix , or Apocalypse , or New Mutants ". My original ending didn't have the entire X-Family together the way they are in the film now.

Bradley Cooper and Irina Shayk call it quits
Both have been notoriously private about their relationship and only made their red carpet debut together at last year's Met Gala. The separation took many people by surprise, and there has been some speculation regarding the possible reasons for the split.

Leadership race begins as UK PM May resigns as party leader
Sputnik: Would the Conservatives lose a general election? On Monday, MPs wanting to join the race will hand in their nominations. "The future survival of the Conservative party is at risk", according to onetime deputy prime minister Damian Green.

Margot Robbie Hates Getting This One Compliment
She added: "I think there's a perception that a PG female-led action film is kind of considered a chick flick". The movie is his first film not produced by Harvey Weinstein .

Xbox Game Pass PC & Xbox Game Pass Ultimate Info Rolls Out Early
Xbox even sent the user a 1-month code for Xbox Game Pass , saying " Here's a little something form us for your eagle eye! ". This prevents someone from having to buy it full price or renew at the standard price at a later date.

© 2015 ExpressNewsline. All Rights reserved.