Beyond Meat shares rise 7% on increased demand amid meat shortage
The maker of plant-based meat reported first-quarter net income of $1.8 million, or 3 cents a share, compared with a loss of $6.6 million, or 95 cents a share, in the year-ago period. Revenue grew 141% to $97.1 million from $40.2 million in the year-ago period. Analysts surveyed by FactSet had estimated a loss of 7 cents a share on revenue of $88.8 million on average.
The results “validate the continued strength of the plant-based food movement,” and “helped mitigate COVID-related challenges” to business operations, Beyond Meat Chief Executive Ethan Brown said during a conference call with analysts following the earnings statement. Plant closures at Tyson Foods Inc. TSN, +3.01% , the biggest U.S. meat company; Smithfield Foods Inc., the world’s No. 1 pork producer; and JBS SA, the biggest global meat company, underscore the challenges each face in producing meat while maintaining the safety of employees at plants, which have become hot spots for the spread of COVID-19. The closures have resulted in a 25% reduction of pork production and 10% of beef production in the U.S.
Wendy’s acknowledged that certain menu items “may be temporarily limited” at some restaurants, though it’s uncertain how many of its roughly 5,800 U.S. eateries have been affected.
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