Oatly Group Shares Plummet On FY21 Revenue Outlook Cut

Oatly Group AB OTLY reported third-quarter FY21 sales growth of 49.2% year-on-year, to $171.06 million, missing the analyst consensus of $185.95 million.
The company attributed the revenue increase to additional supply from its new production capacity in Vlissingen, Netherlands, to meet the growing global demand for its products.
Revenues in the Americas grew 87.3% Y/Y, EMEA rose 23.1%, and Asia jumped 98.2%.
The gross profit rose 24.7% Y/Y to $44.9 million with a profit margin of 26.2%, a 510 basis points decrease.
The company incurred an operating loss of $(44.5) million versus $(7.88) million last year.
The company held $403.1 million in cash and equivalents as of September 30, 2021.
Adjusted EBITDA loss widened to $(27) million versus $(4.6) million last year primarily due to higher employee expenses, public company costs, and other operating expenses.
Adjusted EPS of $(0.07) beat the analyst consensus of $(0.09).
Outlook: Oatly sees FY21 revenue to exceed $635 million (prior view to exceed $690 million), representing a 51% rise Y/Y, versus the consensus of $694.08 million.
Price Action: OTLY shares are trading lower by 18.9% at $9.58 in premarket on the last check Monday.

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