Beyond Meat (NASDAQ:BYND) unveiled its latest quarterly earnings results in the afternoon, bringing in largely positive figures in the company’s first three-month report since it went public earlier this year, playing a role in BYND stock skyrocketing after hours Thursday.
The Los Angeles-based maker of plant-based meat substitutes said that for its first quarter of its fiscal 2019, it posted a net loss of $6.6 million, or 95 cents per share, which was nearly $1 million wider than its year-ago loss of $5.7 million, or 98 cents per share. On a pro forma basis when adjusting for conversion of stock warrants, the business posted a loss of 14 cents per share.
Beyond Meat added that its net sales for the three-month period soared 215% when compared to the year-ago quarter, reaching $40.2 million. This amount was higher than the Wall Street consensus estimate of $38.9 million, according to Refinitiv, which polled analysts.
“We are very pleased with our successful IPO during the month of May and our strong first quarter financial results that we believe demonstrate mainstream consumers’ desire for plant-based meat products in the United States and internationally,” Beyond Meat CEO Ethan Brown said in a statement.
The business did discontinue its frozen chicken strips during the quarter, which led to its frozen products revenue taking a hit. For its fiscal 2019, the company forecasts revenue higher than $210 million.
BYND stock is skyrocketing about 16.9% after the bell on Thursday following the company’s results. Shares had been falling 3% during regular trading hours.