Beyond Meat Inc. (NASDAQ: BYND) reported its most recent quarterly results after the markets closed on Monday. The faux meat firm posted a net loss of $0.01 per share and $98.5 million in revenue, compared with consensus estimates that called for $0.01 in earnings per share (EPS) and $79.5 million in revenue. The fourth quarter from last year had a net loss of $1.10 per share and $31.5 million in revenue.
During the quarter, net revenues increased by 212% year over year. Growth in net revenues in the fourth quarter of 2019 was primarily due to an increase in volume sold in Beyond Meat’s Fresh platform products across Retail, and Restaurant and Foodservice channels.
In terms of the breakdown, Beyond Meat’s Retail segment revenue increased 198.7% year over year to $40.65 million, and the Restaurant and Foodservice segment revenue increased 223.0% to $57.83 million.
Looking ahead to the 2020 full year, Beyond Meat expects to see net revenues in the range of $490 million to $510 million, with a gross margin of 33% to 35%. Consensus estimates are calling for a net loss of $0.42 per share and $495.15 million in revenue for the full year.
Ethan Brown, Beyond Meat’s president and CEO, commented:
Our outstanding fourth quarter and full-year 2019 results are a testament to the vitality of the movement that we continue to lead. With our simple objective of building a perfect piece of meat from plants, our greater mission is much larger than us and seeks to address some of the key challenges of our time—improving health and nutrition, enhancing the sustainability of our global food supply, while lowering our environmental impact, and promoting animal welfare.
Shares of Beyond Meat closed Thursday at $106.14, with a post-IPO range of $45.00 to $239.71. The consensus analyst price target is $107.05. Following the announcement, the stock was initially down 2.5% at $103.45 in the after-hours session.
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