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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