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More people are throwing plant-based burgers on the grill this summer.
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Beyond Meat, which makes pea protein-based burgers and sausages, said its second quarter revenue jumped 69% to $113 million as more households tried its products.
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Sales far outpaced Wall Street’s forecast of $99 million, according to FactSet.
The El Segundo, California-based company reported a net loss of $10 million for the April-June period. Adjusted for one-time items, including coronavirus-related expenses, Beyond Meat lost 2 cents per share. That was in line with analysts’ expectations.
When restaurant closures threatened its food-service sales, Beyond Meat repackaged its burgers for home cooks. In mid-June, the company launched a 10-burger value pack for $15.99 at Walmart, Target and other groceries. Normally, two four-ounce patties cost $5.99.
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Beyond Meat said the new offering, which will be available until mid-August, contributed to the 180% U.S. retail growth it saw during the quarter.
