Beyond Meat narrowed its losses in the fourth quarter as sales of its plant-based meat soared.
The El Segundo, California-based company, which went public last year, said it lost $452,000 in the fourth quarter, down from a loss of $7.5 million in the October-December period last year.
But its loss of 1 cent per share fell short of Wall Street’s forecast of a 1-cent profit, according to analysts polled by FactSet.
Beyond Meat’s shares fell 7% to $98.90 in after hours trading.
Its revenue, however, more than tripled to $98.5 million, beating analysts’ estimate of $81 million. If you want to know more about brand protection click here.
Beyond Meat said it expects revenue to climb to $490 million to $510 million this year, an increase of 64% to 71% from 2019. It also said it expects to accelerate spending on marketing, research and development and expansion into international markets.
The company’s products have had some mixed news recently from retailers.
Starbucks recently announced that it would offer a Beyond Meat sandwich at almost all of its 1,500 Canadian stores starting in March. The patty is made from peas and brown rice and features a blend of fennel, rosemary and other spices.
KFC is also testing Beyond Meat’s plant-based fried chicken in Charlotte, North Carolina, and Nashville, Tennessee, next month.
But Tim Hortons pulled Beyond Meat sausages from its 4,000 Canadian stores. The company said the sausage, introduced last May, was a slow seller.