Plant-based food provider Beyond Meat (BYND) lifted its full-year guidance after markets closed on Monday as the maker of vegan burgers posted better-than-expected results for its second-quarter, supported by rising sales volumes.
The El Segundo, Calif.-headquartered business reported revenue of $67.3 million in the three months ended June 29, up 287.2% from a year earlier and comfortably ahead of the consensus estimate of analysts polled by Capital IQ for $52.7 million.
The sales growth was primarily due to an increase in sales volumes of products in the company’s fresh platform across the retail and restaurant and foodservice channels, according to the results. Beyond Meat said that this was driven by expansion in the number of retail and foodservice points of distribution, including new strategic customers, international customers and greater demand from its existing customers.
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The net loss per share was $0.24, down from a net loss per share of $1.22 a year earlier. Analysts, however, had forecast a net loss of $0.09 per share.
“We believe our positive momentum continues to demonstrate mainstream consumers’ growing desire for plant-based meat products both domestically and abroad,” Ethan Brown, Beyond Meat’s chief executive, said. “Looking ahead, we will continue to prioritize efforts to increase our brand awareness, expand our distribution channels, launch new innovative products, and invest in our infrastructure and internal capabilities in order to deliver against the robust demand we are seeing across our business.”