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By Sam Boughedda
Investing.com — Oatly Group’s (NASDAQ:) inventory worth fell 18% Monday after the corporate reported its third-quarter earnings, lacking income consensus and reporting provide chain disruptions.
The vegan, plant-based milk firm introduced a loss per share of seven cents on income of $171.06 million. Analysts polled by Investing.com anticipated a per-share lack of 9 cents on income of $185.89 million.
Trying forward, for the total 12 months, the corporate expects income to exceed $635 million, under the $694.1 million consensus.
In the meantime, Oatly additionally advised traders that it’s investigating a high quality problem recognized at considered one of its manufacturing services that can seemingly consequence within the destruction of stock and misplaced gross sales within the EMEA area.
It has additionally felt the consequences of Covid-19 within the area, explaining:
“In EMEA, we’re beginning to construct provide to fulfill shopper demand, however the tempo at which we anticipated to extend income in new and present retailers and to open new markets is slower than we anticipated as we navigate a dynamic COVID working surroundings,” acknowledged Oatly.
Nevertheless, the corporate believes it “is primarily a timing problem,” and within the first half of 2022, it expects to have an “elevated share of shelf house at retail given our robust velocities and present provide ranges.”
Toni Petersson, Oatly’s CEO, stated: “International shopper demand for our merchandise continues to be robust and develop as we develop manufacturing and more and more scale our operations. The sturdy third quarter income enhance displays broad-based progress throughout geographies and gross sales channels.”
Nevertheless, Petersson revealed one other problem the corporate is going through, once more arising from Covid-19 — provide chain points from the Delta variant-related restrictions and momentary foodservice closures in Asia, which has hit its revenues by round $3 million..
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