Oatly Group Stock Gains On Solid FY21 Revenue Outlook

  • Oat drink company Oatly Group AB OTLY reported second-quarter FY21 sales growth of 53.3% year-on-year, to $146.15 million, missing the analyst consensus of $147.21 million.
  • Americas revenue increased 65.0% Y/Y, EMEA rose 31.6%, Asia gained 148.6%.
  • Gross profit rose 25.3% Y/Y to $38.6 million with a profit margin contracting 590 basis points to 26.4%.
  • The operating loss expanded to $(48.1) million.
  • The company held $524.2 million in cash and equivalents as of June 30, 2021.
  • Adjusted EBITDA loss was $(31.9) million versus $(1.2) million last year.
  • Loss per share of $(0.11) missed the analyst consensus of $(0.10).
  • "Our record second-quarter revenues were in line with our expectations and demonstrate broad-based growth across geographies and sales channels, despite certain COVID-19 and start-up related manufacturing headwinds we experienced in the quarter," said CEO Toni Petersson.
  • Oatly increased oat base capacity at its Ogden, Utah facility in the Americas region to support consumer demand.
  • Outlook: Oatly sees FY21 revenue to exceed $690 million versus the consensus of $681.4 million.
  • Price Action: OTLY shares are trading higher by 1.84% at $17.22 on the last check Monday.
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