- Plant-based meat substitute company Beyond Meat Inc (NASDAQ: BYND) is going to be reporting first-quarter 2020 results tomorrow after the market close. This is what is expected.
Beyond Meat Inc (NASDAQ: BYND), the plant-based meat substitute company founded by Ethan Brown in 2009, will be reporting its first-quarter 2020 results tomorrow after the market close. And investors are bullish about it. Beyond Meat (NASDAQ:BYND) started the month of April at a stock price of $64.18 and closed it at about $98.99.
Some of the largest drivers of the stock growth included a deal with Starbucks locations across China. And investors are also expecting the COVID-19 pandemic to drive market share against meat production companies like Tyson Foods.
Beyond Meat is expected to announce more than double its revenue a year ago at about $86 million, according to Fool. However, the company will likely report a net loss.
Beyond Meat Inc (NASDAQ: BYND) saw tremendous growth in the last couple of years as a number of restaurants added their ingredients to their menus. But the restaurant industry took a major hit while dining rooms closed down due to the COVID-19 pandemic.
Last year, Beyond Meat Inc (NASDAQ: BYND) reported 2019 revenue of $298 million. That is up 239% from 2018.
Besides the deal with Starbucks in China, the pipeline for Beyond Meat Inc (NASDAQ: BYND) also includes a burger test with McDonald’s in Canada. And the company is also attempting to launch a Beyond Fried Chicken product with KFC.
Another reason why investors are bullish about Beyond Meat Inc (NASDAQ: BYND) is due to Brown’s ambitions. Rather than just envisioning Beyond Meat as just an alternative-meat company, he is trying to build one of the largest food companies in the world. One of his goals is to achieve $40 billion in revenue.
In late February, Beyond Meat (NASDAQ:BYND) provided a net revenue range of $490 million to $510 million. Now analysts are expecting 2020 revenue of $465.5 million.
Disclosure: I own a small number of BYND shares
