LONDON (ShareCast) - (Sharecast News) - Plant-based substitutes manufacturer Beyond Meat topped estimates on the Street with its first-quarter results overnight and told investors that its revenues would more than double in 2019 on the back of a seemingly never-ending demand for its products.
Beyond Meat reported a first-quarter net loss of $6.6m, or $0.95 per share, widening from the net loss of $5.7m recorded a year earlier, but net sales soared 215% to $40.2m, topping expectations for $38.9m.

The Californian firm attributed the revenue growth to increased sales of its Beyond Burger and heightened demand from new and existing customers.

Grocery store sales made up $19.6m of sales during the quarter and sales to eateries such as Carl's Jr and Del Taco accounted for $20.6m.

Looking forward, Beyond Meat now expects full-year revenues to be in excess of $210m - ahead of the $205m priced in by analysts.

"We're being very conservative and viewing this as a floor," said chief executive Ethan Brown.

"We feel very strongly that we have solid capacity that it is in excess of our 2019 and [2020] forecast," he added.

As of 1540 BST, Beyond Meat shares had shot up 26.55% to $125.92 each.

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