NEW YORK (AP) — Beyond Meat is raising its sales forecast for the year even as it faces more competitors making vegetarian meat alternatives.
The El Segundo, California company updated its outlook Monday after seeing its sales more than triple in the latest quarter and logging its first quarterly profit. The results come as plant-based options keep popping up on more menus, including at fast-food chains such as White Castle and Burger King. Last month, McDonald's said it would run a limited test of Beyond Meat burgers in Canada.
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But Beyond Meat and rival Impossible Foods are also facing more competition.
Beyond Meat Inc., which went public in May, said it now expects revenue of $265 million to $275 million for the year. It previously forecast sales of more than $240 million.