Beyond Meat (NASDAQ: BYND) reported its third quarter financial results during Monday’s aftermarket hours. The Company reported better-than-expected results, however, shares fell by 8%.
For the third quarter, Beyond Meat reported earnings of USD 0.06 per share on revenue of USD 92 Million. Refinitiv analysts expected earnings of USD 0.03 per share on revenue of USD 82.2 Million.
The Company reported that revenue grew by 250% year-over-year, primarily led by the growth in its Fresh Platform. The platform reported revenues of USD 97.99 Million, representing a 265.4% increase year-over-year. Meanwhile, Beyond Meat’s Frozen Platform reported revenues of USD 4.0 Million, increasing by 74.6% year-over-year.
Beyond Meat witnessed substantial growth in both its retail and restaurant and foodservice segments.
The retail segment reported revenues of USD 50.46 Million, increasing by 211.5% year-over-year. While Beyond Meat’s restaurant and foodservice reported revenues of USD 41.49 Million, representing a 311.8% growth.
“We are very pleased with our third quarter results which reflect continued momentum across our business and mark an important milestone as we achieved our first ever quarter of net income,” said Ethan Brown, Beyond Meat’s President and Chief Executive Officer.
“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.” concluded Brown.
Based on stronger-than-expected quarter, Beyond Meat decided to raise its guidance. For the rest of 2019, Beyond Meat is expecting total revenues in the range between USD 265 Million to USD 275 Million, updated from its prior expectation to exceed USD 240 Million.