Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Oatly lowers full-year sales outlook as Q3 loss widens

Published 11/14/2022, 07:44 AM
Updated 11/14/2022, 07:45 AM
© Reuters

By Scott Kanowsky -- Nasdaq-listed shares in Oatly Group AB (NASDAQ:OTLY) fell sharply in pre-market trading on Monday after the Swedish oat drink producer slumped to a deeper loss in the third quarter and lowered its 2023 sales guidance.

The Malmö-based company reported a net loss attributable to shareholders of $107.9 million during the three-month period, widening a loss of $41.2M posted in the corresponding timeframe last year.

“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," said Oatly Chief Executive Officer Toni Petersson in a statement.

Oatly also brought down its annual sales forecast, saying it expects to post top-line returns of between $700M to $720M in 2022. In the second quarter, the group had predicted revenues would come in at $800M to $830M.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.