Beyond Meat's revenue more than doubled in the first quarter, the company reported Tuesday.
In the first three months of the year, sales reached $97.1 million, up 141% from $40.2 million in the same period last year.
The results "exceeded our expectations," said Beyond Meat CEO Ethan Brown. They also beat analyst expectations of $88.3 million. In US retail, sales grew 157% compared to the same period last year. In food service, sales grew 156%.
Shares of the company popped about 5% after hours on the results.
Moving forward, the company expects to benefit from higher demand in retail. But it is pulling its 2020 outlook because of uncertainty stemming from the pandemic.