Beyond Meat apparently wasn’t hurt by the coronavirus pandemic, which has decimated many other companies.
Its net income registered $1.8 million, or 3 cents a share, in the first quarter, compared to a net loss of $6.6 million, or 95 cents per share in the year-ago period. Analysts polled by FactSet anticipated a loss of 7 cents for the latest quarter.
Revenue more than doubled to $97.1 million in the latest quarter from $40.2 million a year ago. Analysts predicted $88.8 million for this year’s number.
“Our first-quarter financial results exceeded our expectations despite an increasingly challenging operating environment due to the Covid-19 health crisis," Beyond Meat CEO Ethan Brown said in a statement.
The company has increased the frequency of its inventory reviews to ensure sufficient floor stocks of key inputs to mitigate against business disruption, he said.
“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 food-service customers, and to continue to lead the global plant-based meat movement.”
The pandemic hasn’t prevented Beyond Meat from expanding. Last month it began selling its products in China to take advantage of the country’s reopening.
Beyond Meat’s shares stood at $104.76, up 4.59% in after-hours trading.
The stock rose 5.25% in the regular session Tuesday and has eased 6% in the last three months.