Ethan Brown, founder, president and CEO of Beyond Meat

Adam Jeffery | CNBC

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 more than 4% in after-hours trading. 

The company reported a net income of $1.8 million, or 3 cents per share, compared to 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 year ago, the company recorded an adjusted EBITDA loss of $2.1 million.

Beyond Meat said it expects to continue to benefit from consumers eating at home, but “the magnitude and duration of the impact to the foodservice channel, in particular,” has caused it to pull its 2020 forecast. 

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