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Oatly (OTLY) -20.81% after Q3 revenue miss, lower sales outlook
Oatly (OTLY) shares tumbled 20.81% on Monday after the Swedish company, known for its oat milk, said that sales growth will slow in Q4 due to supply chain problems.
Oatly (OTLY) shares plunged 20.81% in Monday’s trading after the Swedish food company’s Q3 revenue missed the Wall Street consensus and it warned of a slowdown in sales amid supply chain problems.
While Oatly was able to deliver a narrower loss than anticipated at -$0.07 per share or -$41.2m versus the -$0.10 estimate, revenue failed to keep pace after Oatly admitted that pandemic-related costs and labour shortages had crimped top line.
This meant that the quarterly revenue of $171.1m, while a vast improvement on the $114.7m figure from a year ago, came in well short of the $185.6m FactSet consensus.
It has only been six months since Oatly made its market debut on the Nasdaq following an IPO that raised $1.4bn and increased its valuation to more than $13bn.
Since then, the Malmö-based business has run into a few problems, including a quality issue at a production facility, which will hit sales in its European markets in the coming months.
Chief executive Toni Petersson admitted that revenue growth and expansion into new regions would now be “slower than we anticipated”.
For the full year, Oatly sees revenue rising to around $635m, a number that is down from the $690m prior forecast and short of the $694m that analysts were expecting.
Fortunately, Petersson only sees the headwinds being a short-term issue as he expects supply levels and shelf space at retailers to rise during the first six months of 2022.
The latest update highlighted areas of concern for investors though, and many headed to the sidelines on Monday as Oatly slumped 20.81% to $9.44 by late morning.
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