Beyond Meat (BYND 2.45%) stock was sizzling after the company reported its Q1 of fiscal 2020 after the market closed on Tuesday.
For the quarter, the alt-protein food producer booked net revenue of $97.1 million, 141% higher than in the same period of 2019. The company was profitable on the bottom line -- a rare occurrence -- at $1.8 million ($0.03 per share) against the $6.6 million net loss in the year-ago quarter.
Image source: Beyond Meat.
On average, analysts were anticipating that Beyond Meat's top line would be $86.4 million, and it would post a per-share net loss of $0.06.
The company managed to grow its business both home and abroad, more than doubling its revenue both in the U.S. and on international markets as a whole. One particularly hot area for it was international retail, where its take grew more than 50-fold to nearly $6 million for the quarter.
"Growth in volume sold was driven mainly by expansion in the number of distribution points both domestically and abroad, higher sales velocities at existing retail customers, and contribution from new products introduced subsequent to the first quarter of 2019," the company explained in its earnings release.
Its prospects for the rest of the year are somewhat cloudy, since it elected to pull its existing guidance for full-year 2020. This is due, of course, to uncertainties about the economy in the wake of the SARS-CoV-2 coronavirus.
Inspired by these results, and perhaps wary that a meat shortage at Wendy's reported on Tuesday portends wider unavailability for traditional animal protein, investors bid up Beyond Meat stock after hours on Tuesday. The shares were 4.8% higher in the evening hours, well ahead of many consumer goods stocks and the main equities indexes during standard trading hours.
