Beyond Meat share price surges again after first-quarter earnings exceed expectations
The plant-based meat producer saw its share price rally once again on Monday, with the stock trading more than 550% above its initial public offering price of $25.
Beyond Meat continues to see its share price soar since delivering its first-quarter (Q1) earnings results last week and exceeded analysts’ expectations.
The plant-based meat producer saw its stock rally more than 20% on Monday morning to $170 a share, with the company’s share price gaining more than 550% since it went public back on May 1 this year.
Consumer demand goes Beyond Meat
In the company’s Q1 results net revenues rose 215% to $40.2 million, far exceeding analysts’ forecasts and highlighting to investors that there is considerable demand for plant-based alternatives to meat.
In fact, plant-based meat substitutes as an industry could easily exceed $100 billion over the course of the next 15 years, according to Ken Goldman and James Allen of JPMorgan in a note to investors.
‘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 President and CEO Ethan Brown said.
Beyond Burger drives sales
Growth in total net revenues in the first quarter of 2019 was driven primarily by an increase in sales of The Beyond Burger, expansion in the number of retail and foodservice points of distribution, including new strategic customers, and greater demand from our existing customers.
‘Looking ahead, we believe we are in the early stages of achieving the growth that Beyond Meat is capable of as we remain focused on efforts to increase brand awareness, expand our distribution channels, launch additional innovative products, and invest in our infrastructure and capacity to be able to serve a robust global market for plant-based meats,’ Brown added.
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