Oatly GAAP EPS of -$0.05 beats by $0.02, revenue of $202.2M beats by $0.91M

・Oatly Press Release (NASDAQ: OTLY): GAAP EPS for the second quarter was -0.05 dollars, exceeding expectations by $0.02.

・Revenue was 0.2 billion 2.2 million dollars (+3.2% compared to the previous year), which exceeded expectations by 0.91 million dollars.

・Revenue for the second quarter was 0.2 billion 2.2 million dollars, up 3.2% from the same period last year, and earnings excluding the effects of exchange fluctuations increased 3.9% from the same period last year, and there was a steady increase in volume in each business segment.

・While lowering guidance on capital investment, the company is raising its 2024 full-year forecast for EBITDA after adjustments to earnings growth excluding the effects of exchange rate fluctuations. We currently anticipate the following:

・The profit growth rate excluding the effects of exchange rate fluctuations is in the range of 6% to 10% compared to the previous forecast of 5% to 10%,

・The adjusted EBITDA loss ranges from (35 million dollars to 50 million dollars) compared to the previous forecast (35 million dollars to 60 million dollars),

・Capital expenditure is less than 70 million dollars compared to the previous forecast of less than 75 million dollars.

・Autry recorded the first adjusted EBITDA surplus in North America and rose

Sales were 0.2 billion2.2 million dollars, up 3.2% from the same period last year, and sales due to constant exchange rates increased 3.9% from the same period last year, and steady volume increases were reported in each business segment. Sales growth excluding the effects of exchange rate fluctuations was mainly due to the European & International segment and the North American segment, and the decline in the Greater China segment due to the effects of the strategic reset implemented in the current quarter was partially offset. The sales volume for the quarter was 0.1 billion 37 million liters, up 9.6% from the same period last year.

The gross profit margin surged to 29.2% from 19.2% in the same period last year. The improvement in profit margins was mainly due to improvements in supply chain efficiency in the North American and Greater China segments, as well as improvements in the product mix in the Greater China segment due to the strategic reset implemented during the quarter. Notably, adjusted EBITDA for the North American segment became the first full-year surplus.

As an outlook for the future, Autry (OTLY) anticipates sales growth at a constant exchange rate in the range of 6% to 10%. The adjusted EBITDA is expected to land in the range of -35 million dollars to -50 million dollars. Capital expenditure is expected to fall below $70 million.

The stock price of OTLY (OTLY) rose 6.00% to $1.06 in pre-market trading.