Here’s why Oatly stock is trading higher today
Oatly (NASDAQ: OTLY) shares are trading higher after the company reported second-quarter financial results above analyst estimates.
What Happened: On Wednesday morning, Oatley reported second-quarter EPS of -$0.05, beating the -$0.07 estimate and second-quarter sales of $202.19 million, beating the $201.17 million estimate.
Revenue increased 3.2% from the same period last year. The company drove revenue growth in both the retail channel and foodservice channel in the second quarter of 2024 compared to the second quarter of 2023.
The company also updated its guidance metrics.
Given our solid performance through the first half of the fiscal year, and an increased confidence in our second-half outlook, we are updating our full-year guidance to be more favorable than our prior outlook. In the second half of the year, our priorities will be completing our work on the calibration of resources, investing in high-return demand generating investments, and maintaining our north star target to drive the business toward structural, consistent profitable growth.
Jean-Christophe Flatin, Oatly CEO
Full Year 2024 Outlook: Oatly raised its full year 2024 constant currency revenue growth and adjusted EBITDA guidance and lowered its capital expenditures guidance. The company expects:
- Constant currency revenue growth in the range of 6% to 10%, compared to the prior expectation of 5% to 10%,
- Adjusted EBITDA loss in the range of $(35) million to $(50) million, compared to the prior expectation of range of $(35) million to $(60) million, and
- Capital expenditures below $70 million, compared to the prior expectation of below $75 million.
Oatly was trading 11% higher to $1.11 at the time of writing. The stock has a 52-week high of $2.23 and a 52-week low of $0.44.
