OTLY - Oatly soars after Q4 revenue tops expectations

Oatly Group AB (NASDAQ:OTLY) jumped in early trading on Wednesday after topping revenue expectations with its Q4 earnings report on growth of 46% to $127M. EMEA revenue was up 14.1% to $88.9M during the quarter. Americas revenue soared 96.5% to $55.5M. Asia revenue was up 97.9% to $41.6M. The company said the revenue increase was primarily driven by additional supply from the new production capacity in Vlissingen, the Netherlands and Ogden, Utah, which helped the company meet growing global demand. Oatly (OTLY) experienced broad-based growth across retail and foodservice channels during the quarter. Gross profit margin decreased to 15.9% of sales from 27.7% a year ago. The primary reasons for the gross profit plunge were additional costs as compared to the prior year period related to the start-up of three new facilities, including higher depreciation of $6.4M, a charge related to start-up production and inventory at the new Singapore facility

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Oatly soars after Q4 revenue tops expectations