Investing.com – Beyond Meat (NASDAQ:) fell in after-hours trading Thursday as the plant-based company reported an unexpected fourth-quarter loss despite revenue markedly topping Wall Street estimates.
Beyond Meat (NASDAQ:) reported a fourth-quarter loss of $0.01 per share, missing expectations for earnings of $0.01 per share, while revenue of $98.5 million topped Wall Street estimates for $81.5 million.
Shares fell 10% in potmarket trading.
The beat on the bottom line was supported by increased sales of its plant-based products to new partners secured during the year.
“Growth in net revenues in the fourth quarter of 2019 was primarily due to an increase in volume sold in Beyond Meat’s ‘Fresh’ platform products across retail, and restaurant and foodservice channels,” the company said. “Growth in volume sold was driven by increased sales to international customers, expansion in the number of points of distribution, including new strategic customers, higher sales velocities at existing customers, and contribution from new products introduced in 2019.”
Looking ahead, the company said it anticipates 2020 revenue in the range of $490 million to $510 million, matching Wall Street forecasts of $498.9 million.
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