Beyond meat has surpassed the expectations of the analysts in its first quarterly profit on Monday. The shares of the company have increased by 15% in extended trading. Since the initial public offering, the stock has increased by 321%.
The company reported 6 cents of earning per share against the expected 3 cents. Also, the expected revenue of $ 82.2 million turned out to be $ 92 million.
The net sales of the company were $ 92 million, making it a rise of 250%.
The restaurant and the grocery sections ensured the growth in their sales. They made up almost 45% of the revenue for the quarter with around $ 41.5 million in the restaurant part. Also, the meatless meat section kept its base customers while attracting many more.
The grocery section of the business made a net sale of almost $ 50.5 million, although there is severe competition in this field. CEO Ethan Brown has revealed that the sales have not gone down even amid such severe competition.
Brown addressed the issue of competition at length. According to him, it would be foolish to expect only one or two players in the alternative sector of meat. He also added that even the advent of large businesses will not diminish the business of Beyond Meat.
Beyond Meat is also preparing for some new addition to its food menu. One such addition will be meatless fresh chicken cutlet. But the initial public offering of this delicious food item is not decided yet.
A secondary share offering was revealed during the reports of the last quarter. It decreased the stock price of the company for some time.
Executive Chairman of Beyond Meat, Seth Goldman said that the company is in a better shape than ever before. But he also acknowledged that the short term reactions, such as that towards the profit of the quarter are quite uncertain.