Oatly sinks after FY22 outlook cut, Q3 sales miss

Oatly AB (publ)

14/11/2022 13:10

** Shares of plant-based milk maker Oatly Group AB  OTLY.O 
down 13% premarket at $2.08
    ** Company cuts FY22 sales outlook to $700 mln-$720 mln from
previous forecast of $800 mln-$830 mln
    ** Oatly sees COVID-19 restrictions in Asia, forex
challenges and operational headwinds in Americas to limit sales
momentum 
    ** Company misses Q3 revenue estimates - Refinitiv
    ** Oatly to revamp its supply-chain network strategy and
organizational structure to boost cash flow and profitability
    ** Company expects annual savings up to $25 mln through
reorganization 
    ** 9 of 16 brokerages rate stock "buy" or higher, 7 "hold";
median PT $5
    ** Up to Friday's close, stock down 69% vs 27.4% decline in
NASDAQ Industrial index  .IXID 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com))