Oatly slides on revenue, capital expenditure forecasts cut

Oatly AB

02/08/2022 12:33

** Shares of plant-based milk maker Oatly  OTLY.O  fall
nearly 8% to $3.61 in premarket trading
    ** Oatly lowers its 2022 revenue forecast to between $800
million and $830 million from a prior range of $880 million to
$920 million, blaming the impact of the war in Ukraine,
COVID-19, and inflationary and supply chain pressures
 urn:newsml:reuters.com:*:nGNX8PXHXp
    ** The macroeconomic uncertainty has hurt Oatly's ability to
expand, enter new markets and convert new consumers to
plant-based milk from dairy, says CEO Toni Petersson
    ** Oatly also slashes its 2022 capital expenditure forecast
by nearly 50% at midpoint to between $220 million and $240
million, affecting its plans to ramp up its production capacity
    ** Revenue for the second quarter also misses Refinitiv IBES
estimates
    ** As of last close, shares had halved in value this year

 (Reporting by Praveen Paramasivam)
 ((Praveen.Paramasivam@thomsonreuters.com;))