Got Oatly? Q3 Financial Results Show Revenue Growth Across All Geographic Markets

Today the oat milk producer Oatly (OTLY) has announced its Q3 financial results that illustrate year-over-year revenue growth across all of its geographic markets. Its Europe & International posted at $109.9M vs year-ago $103.5M, North America was $69.1M vs year-ago $58.5M and greater China was reported at $29.1M vs year-ago $25.6M. The overall revenue for the quarter was $208M, a half million higher than expected.

EPS beat estimates by a penny however, real improvement showed on the company’s adjusted EBITDA at ($5.0M) vs FactSet ($9.3M). The company also revised its FY guidance citing expected revenue growth to be slightly below the low end of its previous outlook range of 6% -10% while adjusted EBITDA is now expected near the favorable end of previous range of ($35M) – ($50M). A bright spot was its capex outlook which came down to below $55M vs previous expectation of below $70M.

Jean-Christophe Flatin, Oatly’s CEO, commented, “I am pleased to report another quarter of solid progress in strengthening our business. Our team’s continued focus on solid execution has enabled us to drive profitable growth in each of our three operating segments. As we move forward, we will maintain our north star of driving the total business toward structural, consistent profitable growth, and we intend to continue to invest behind our unique brand voice to recruit more consumers to our brand and further stimulate demand.”