Beyond Meat posted better-than-expected earnings for the first quarter Tuesday but warned that it saw a drop in sales at the end of March as the coronavirus pandemic shuttered restaurants around the country.
Given the uncertainty regarding restaurant sales, the company withdrew its earnings forecast for the year.
“I am proud of our first-quarter financial results, which exceeded our expectations despite an increasingly challenging operating environment due to the Covid-19 health crisis,” CEO Ethan Brown said in a statement.
Shares of the company rose about 5% in after-hours trading.
The company reported a net income of $1.8 million, or 3 cents per share, compared with a net loss of $6.6 million, or 95 cents per share, a year ago.
Revenue soared 141% to $97.1 million, from a year ago, and outpaced analyst expectations of $88.3 million, according to a Refinitiv survey.
The company said its adjusted earnings before interest, taxes, depreciation and amortization was $12.7 million. A…