Beyond Meat Inc BYND reported third-quarter sales of $92 million Monday, beating the Street's $81.83-million estimate.
The company said it earned net income of $4.1 million, making this the plant-based burger maker's first profitable quarter. Earnings of 6 cents per diluted share beat the 3-cent Street estimate.
The balance sheet improvement was largely driven by an increase in net revenue and gross profit compared to the third quarter of 2018, according to Beyond Meat.
The company raised its full-year 2019 guidance.
Beyond Meat now expects net revenue in a range of $265 million to $275 million, up from a prior projection of $240-million-plus in 2019 revenue. The Street was expecting $264.44 million in full-year net revenue ahead of Monday's guidance update.
The company forecast full-year adjusted EBITDA of about $20 million.
“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,” Beyond Meat President and CEO Ethan Brown said in a statement.
“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.”
The stock posted a 4.56% gain in Monday's regular session, but was falling by 5.76% to $99.34 in the after-hours session.
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Photo courtesy of Beyond Meat.
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