Beyond Meat forecasts 2023 revenue above market expectations

(Reuters) – Beyond Meat Inc on Thursday forecast full-year revenue above market estimates, on the back of demand for its plant-based meat products such as patties, sausages and meatballs at grocers and convenience stores.

Shares of the company rose about 15% in extended trading.

The company posted better-than-expected quarterly sales for the first time since June 2021, after the company suffered a collapse in demand for its faux meat products as consumers turned back to traditional beef, poultry and pork products.

The plant-based meat maker forecast full-year revenue to be in the range of $375 million to $415 million. Analysts on average expected $394.2 million, according to Refinitiv data.

The company’s net revenue fell to $79.9 million in the quarter ended Dec. 31 from $100.7 million a year earlier, but beat analysts expectations of $75.7 million.

(Reporting by Granth Vanaik in Bengaluru; Editing by Krishna Chandra Eluri)

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