(Reuters) -Beyond Meat beat estimates for second-quarter revenue on Wednesday and raised the lower end of its sales forecast for the year, as it benefited from a string of price increases on its products, sending its shares up 16% after the bell.
The vegan burger meat company’s move to raise prices and cut costs last year also helped boost quarterly margins, which surged to 14.7% from 2.2% a year earlier.
Easing expenses related to manufacturing and logistics also helped the company offset the impact of higher raw material costs.
The company’s net revenue declined 8.8% to $93.2 million from a year earlier. Analysts had expected revenue of $87.8 million, according to LSEG data.
It expects net revenue in the range of $320 million to $340 million for fiscal 2024, compared with its prior forecast of $315 million to $345 million.
(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Anil D’Silva)
