FILE - In this June 26, 2019, file photo, a package of meatless burgers by Beyond Meat are seen in Orlando, Fla. Beyond Meat reports financial earns Monday, July 29. (AP Photo/John Raoux, File)

Beyond Meat raises outlook for 2019

July 29, 2019 - 4:29 pm

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.

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