Oatly Group Shares Slide On Q2 Revenue Miss, FY22 Outlook Cut

Oatly Group AB OTLY reported second-quarter FY22 sales growth of 21.8% year-on-year to $177.96 million, missing the consensus of $183.64 million.
Revenue in the Americas jumped 25.2% Y/Y to $51.8 million, EMEA rose 5% to $82.5 million, and Asia grew 66.3% to $43.7 million.
The gross margin contracted by 1,060 basis points to 15.8%, and the gross profit declined 27.2% Y/Y to $28.1 million.
The operating loss for the quarter was $(74.4) million versus $(48.1) million last year.
The company held $182.2 million in cash and equivalents as of June 30, 2022.
EBITDA loss expanded to $(62.6) million versus $(43.5) million last year.
EPS loss of $(0.12) beat the analyst consensus of $(0.13).
"We are updating our outlook for the year based on the challenging operating environment today with the war in Ukraine, COVID-19, and inflationary and supply chain pressures," said CEO Toni Petersson.
Outlook: Oatly sees FY22 sales of $800 million - $830 million and $835 million - $865 million on a constant currency basis, versus the prior outlook of $880 million - $920 million.
It expects capital expenditures of $220 million - $240 million.
Price Action: OTLY shares are trading lower by 5.36% at $3.71 in premarket on the last check Tuesday.

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