Oatly shares sink after revenue warning

Oatly Group AB OTLY, +4.60% shares plunged 14.8% successful Monday premarket trading aft the plant-based dairy institution reported a third-quarter gross miss and issued a gross informing for the year. Net losses totaled $41.2 million, oregon 7 cents per share, aft a nonaccomplishment of $10.4 million, oregon 2 cents per share, past year. Revenue totaled $171.1 million, up from $114.7 million. The FactSet statement was for a nonaccomplishment of 10 cents per stock and gross of $185.6 million. For the year, Oatly is guiding for gross that exceeds $635 million. The FactSet statement is for gross of $694.1 million. The institution is investigating a prime contented successful 1 of its accumulation facilities and says it volition apt person to destruct inventory and volition suffer income successful the EMEA region. "In EMEA, we are starting to physique proviso to conscionable user demand, but the gait astatine which we expected to summation gross successful caller and existing retailers and to unfastened caller markets is slower than we anticipated arsenic we navigate a dynamic COVID operating environment," said Chief Executive Toni Petersson, successful a statement. "We judge this is chiefly a timing contented and successful the archetypal fractional of 2022, we expect to person an accrued stock of support abstraction astatine retail fixed our beardown velocities and existent proviso levels." Oatly shares, which began trading successful May, person fallen 30% implicit the past 3 months. The S&P 500 scale SPX, +0.72% has gained 4.8% for the period.