The maker of pea-based alternative meat products popular for its burger patties saw its net earnings climb 250 percent year-over-year, as it’s increasingly shifting towards distribution in partnership with restaurants and other foodservices as opposed to mainly relying on retail sales.
The company’s net revenue amounted to $92 million for the quarter, up from just $26.3 million last year. Unfortunately that growth was followed by shares falling as much as 15 percent in extended trading, though they did eventually recoup half their value.
“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,” Ethan Brown, Beyond Meat’s President and CEO said in a statement.
He continued by saying that “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.”