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Oatly, Swedish oat milk manufacturer floating In New York in May, it reported a 53% increase in revenue for the second quarter as it benefited from the boom in dairy alternatives and forecasted full-year sales exceeding expectations.
Plant Milk Company Say On Monday, the company expects full-year 2021 revenue to exceed US$690 million. According to Refinitiv’s data, this will increase by 64% over the previous year, which is higher than analysts’ forecast of $681 million.
Revenue for the three months ended June increased to 146.2 million U.S. dollars, thanks to a 43% increase in production to 106 million liters.
Toni Petersson, Oatly’s CEO, described 2021 as “the most transformative year” and announced investments to increase the production capacity of its Utah plant in the second half of the year.
The company raised 1.4 billion US dollars in the Nasdaq IPO, valued at 10 billion US dollars, Peterson confirmed that the company’s second plant in Asia is expected to open later this year, adding: “Our new Production capacity and existing production capacity give us full confidence in our ability to achieve faster revenue growth in the second half of this year.”
However, the increase in logistics costs in Europe and the Americas, as well as the increase in container freight to Asia, affected its quarterly gross profit margin, increasing it from 32% to 26%.
Oatly said that changes in its region, channel, and customer mix, as well as negative foreign exchange effects, have also affected profit margins.
The stock price was $17.13 in pre-market trading.
The plant-based milk company’s American depositary shares were hit in June by hedge fund Spruce Point’s report questioning its environmental qualifications and financial accounting. Last week, it fell from a high of $29 to an IPO price of $17 per share.
Oatly stated that it “rejects all these false claims from short sellers and supports all activities and financial reports.”
Earlier this month, the company faced another setback. lost Its PureOaty beverage trademark infringement case against British family farms.