Oatly’s results again below expectations

Oatly has announced the financial results for the third quarter of 2022. Despite an increase on 7 % compared to last year the result were lower than expected. 

Toni Petersson, Oatly’s CEO, commented on the result:

– Third quarter financial results were below our expectations, largely driven by COVID-19 restrictions in Asia, production challenges in the Americas, and continued foreign exchange headwinds. However, we continue to see strong velocities, year-over-year sales volume growth, and minimal price elasticity globally which we believe demonstrates the power and resilience of the brand. To position Oatly for our next phase of growth, we have taken decisive and strategic actions to improve our operational efficiencies in a volatile macroeconomic environment with an even more focused allocation of resources and capital. These initial actions will simplify our organizational structures and the execution of our supply chain network expansion, and we expect more profitable growth going forward with a more asset-light strategy.

Revenue increased $12.0 million, or 7.0%, to $183.0 million for the third quarter ended September 30, 2022, compared to $171.1 million for the third quarter last year. Excluding a foreign currency exchange headwind of $16.6 million, revenue for the third quarter was $199.7 million, or an increase of 16.7%.

Oatly’s stock fell 9,9 pct on the marked, Food-supplys.se writes.

Read the full press release HERE