Beyond Meat (NASDAQ:BYND) earnings for first quarter of 2020 have BYND stock heading higher after-hours Tuesday. That’s thanks to its diluted earnings per share (EPS) of 3 cents beating out Wall Street’s estimate of 6 cents. Unfortunately, the plant-based protein company’s revenue of $97.07 million is below analysts’ estimates of $86.43 million.
Check out some additional highlights from the most recent Beyond Meat earnings report below.
- Diluted per-share earnings are much better than the diluted losses per share of 95 cents from the same time last year.
- Revenue for the quarter is sitting up 141% from 40.21 million during the first quarter of 2019.
- Operating income of $1.81 million is a major improvement year-over-year compared to an operating loss of $5.3 million.
- The Beyond Meat earnings report also has net income coming in at $1.82 million.
- That’s much better than the company’s net loss of $6.65 million reported in the same period of the year prior.
Ethan Brown, president and CEO of Beyond Meat, said this in the Q1 earnings report:
“I am proud of our first quarter financial results which exceeded our expectations despite an increasingly challenging operating environment due to the COVID-19 health crisis. During this unprecedented time, we remain steadfast in our resolve to continue to provide great-tasting plant-based meats to consumers, to solidify our support to our retail and foodservice customers, and to continue to lead the global plant-based meat movement.”
Beyond Meat notes that it’s suspending its outlook for 2020. The reason for this is the novel coronavirus. Plenty of other companies are doing the same as the pandemic causes chaos for the economy.
BYND stock was up 4.4% after-hours Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
