EL SEGUNDO, Calif. (AP) — Plant-based meat company Beyond Meat is raising its 2019 outlook after a big jump in restaurant and food service sales in the second quarter.
The El Segundo-based company expects full-year revenue to exceed $240 million, up from its prior forecast of $210 million.
Ten-year-old Beyond Meat burst into the spotlight in May with its IPO on Nasdaq. Its $25 opening share price has risen nearly 800% since then.
In the April-June period, Beyond Meat reported a net loss of $9.4 million, or 24 cents per share. Wall Street had forecast a 9-cent loss, according to analysts polled by FactSet.
But Beyond Meat beat revenue forecasts with sales of $67.3 million. Analysts anticipated revenue of $52.5 million.
The company said restaurant and food service sales jumped 483% over the same period last year.