Plant-based meat is hot right now, so it’s no surprise that Beyond Meat reported its first-ever quarter of net income when it released its third-quarter earnings after the market closed this afternoon.
This marks the company’s first full quarter since going public in May.
The El Segundo, California-based company reported net revenues of $92 million, up 250% from the third quarter of 2018, and net income of $4.1 million (6 cents per diluted common share) versus a net loss of $9.3 million this time last year.
Refinitiv had forecast revenues of $82.2 million and EPS of 3 cents.
Beyond Meat credited its quarterly performance with higher sales volume, the result of more interest in meat alternatives from stores, restaurants, and the food-service industry; international sales; and existing customers buying more of the company’s products. The company’s third quarter ended September 28.
Beyond Meat’s IPO was one of the most successful in recent years.
“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,” president and CEO Ethan Brown said in a statement
Beyond Meat hit the big time in September when McDonald’s announced it was testing a new product called the P.L.T., which stands for Plant Lettuce Tomato and which features a plant-based burger by Beyond Meat. The 12-week run began September 30 at 28 restaurants in southwestern Ontario.
Today, Denny’s said it’s launching the new Denny’s Beyond Burger at all its Los Angeles area restaurants.
The plant-based meat maker’s products are also sold at Dunkin’, Subway, TGI Fridays, Carl’s Jr., and Del Taco.
Among Beyond Meat’s key risks are whether customers will adjust to plant-based meat, supply chain expansion, and competition, according to an October 21 research note by Goldman Sachs’s Adam Samuelson.
Beyond Meat stock closed at $105.41 today, up $4.60 or 4.56%.