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Beyond Meat beats revenue estimates, increases forecast as demand sizzles by Reuters



© Reuters. FILE PHOTO: Products from Beyond Meat Inc, the vegan burger maker, appear for sale in a market in Encinitas, California

(Reuters) – Beyond Meat Inc (O 🙂 on Monday said demand for its plant-based burgers and sausages rose high in the second quarter and saw an increase in the full-year forecast, but the shares fell as the company announced plans for a share offer.

The company's shares originally traded higher after the close of ordinary trading, but fell 1

0% to $ 199.21 when it said it would offer 3 million shares from selling shareholders and 250,000 from the company itself to raise funds to expand production facilities which is being fueled by a growing demand for plant-based burgers and sausages.

Beyond Meat's shares have risen above 780% since its May listing as the company's meat alternatives have entered the menus of restaurants such as Carl's Jr. and in shelves of grocers including Kroger Co (N :).

Net revenues increased almost fourfold to $ 67.3 million in the three months ended June 29, above Wall Street's estimate of $ 52.71 million, according to Refinitive IBES data.

The company said it expects net revenues to rise above 170% to $ 240 million in 2019, up from the previous $ 210 million it had forecast last month.

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