Beyond Meat beats revenue estimates, raises forecast as demand sizzles

Beyond Meat beats revenue estimates, raises forecast as demand…

FILE PHOTO: Products from Beyond Meat Inc, the vegan burger maker, are shown for sale at a market in Encinitas, California, U.S., June 5, 2019. REUTERS/Mike Blake/File Photo

(Reuters) – Beyond Meat Inc (BYND.O) beat second-quarter revenue estimates and raised its full-year forecast on Monday, as the company’s plant-based burgers and sausages saw booming demand with consumers looking to try meat alternatives.

The company’s shares flitted between gains and losses in extended trading and were last up 3%. They have surged over 780% since the IPO in May as the company’s meat alternatives have entered the menus of restaurants such as Carl’s Jr and on shelves of grocers including Kroger Co (KR.N).

Net revenue rose nearly four-fold to $67.3 million in the three months ended June 29, above Wall Street’s estimate of $52.71 million, according to Refinitiv IBES data.

The company said it expects net revenue to rise over 170% to $240 million in 2019, up from the prior $210 million it had forecast just last month.

Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila

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