Beyond Meat Inc. shares fell the most in four months despite posting revenue that blew past analysts’ estimates — a sign investors may be looking for more than rapid sales growth from the faux meat maker.
The company’s fourth-quarter sales of $98.5 million exceeded the highest analyst projection and helped push full-year revenue beyond expectations to $297.9 million. Beyond Meat, which reported after the close on Thursday, forecast 2020 sales of $490 million to $510 million, also topping estimates.
Chief Executive Officer Ethan Brown said the company is “only scratching the surface” of the U.S. restaurant market, but investors may be impatient for a bigger deal with a major player like McDonald’s Corp. Beyond Meat is in about 4% of the 650,000 restaurants in the U.S., Brown said, referring to the low number as an opportunity for rapid growth.
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