Oatly Group Shares Fall On Q3 Miss, FY22 Outlook Cut - Oatly Group (NASDAQ:OTLY)

Oatly Group AB OTLY reported third-quarter FY22 sales growth of 7% year-on-year to $183.03 million, missing the consensus of $212.10 million.
Revenue in the Americas jumped 22.7% Y/Y to $60.7 million, EMEA fell 5.5% to $82.5 million, and Asia grew 16.3% to $39.7 million.
The gross margin contracted by 2,350 basis points to 2.7%, and the gross profit declined 88.8% Y/Y to $4.98 million.
The operating loss for the quarter was $(104.3) million versus $(44.5) million last year.
The company held $105.6 million in cash and equivalents as of September 30, 2022.
EBITDA loss expanded to $(92.2) million versus $(36.5) million last year.
EPS loss of $(0.18) missed the analyst consensus of $(0.11).
"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 CEO Toni Petersson.
Outlook: Oatly cut FY22 sales outlook to $755 million - $775 milliion on a constant currency basis, versus the prior outlook of $835 million - $865 million.
It continues to expect capital expenditures of $220 million - $240 million.
Price Action: OTLY shares are trading lower by 16.3% at $2.04 on the last check Monday.