- Oatly Group AB OTLY reported first-quarter FY22 sales growth of 18.6% year-on-year to $166.19 million, beating the consensus of $161.78 million.
- Revenue in the Americas jumped 40.3% Y/Y to $47 million, EMEA rose 10.9% to $90.5 million, and Asia grew 15.3% to $28.7 million.
- Gross margin contracted by 2,040 basis points to 9.5%, and the gross profit declined 62.3% Y/Y to $15.8 million.
- Operating loss for the quarter was $(92.2) million versus $(28.5) million last year.
- The company held $411 million in cash and equivalents as of March 31, 2022.
- Adjusted EBITDA loss expanded to $(71.4) million versus $(22.5) million last year.
- EPS of $(0.15) missed the analyst consensus of $(0.12).
- “Near-term margins and profitability have been impacted by the additional costs associated with scaling of our new facilities and the inflationary environment..,” said CEO Toni Petersson.
- Outlook: Oatly reiterated FY22 sales outlook of $880 million – $920 million versus the consensus of $890.15 million.
- It expects capital expenditures of $400 million – $500 million.
- Price Action: OTLY shares are trading higher by 5.44% at $3.68 on the last check Wednesday.
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