Oatly Group: First quarter revenue reached $199.2 million
Source: The DairyNews
Oatly Group AB (Nasdaq: OTLY), the world's leading oat drink company, has announced robust financial results for the first quarter ended March 31, 2024.
Jean-Christophe Flatin, CEO of Oatly, expressed satisfaction with the company's performance, citing a solid start to the year. Flatin highlighted several positive indicators, including the resilience of the Oatly brand, favorable volume trends, and cost efficiencies. He underscored the progress made on strategic priorities, emphasizing Oatly's commitment to sustainable growth.
Continued Progress
Flatin acknowledged the importance of maintaining momentum throughout the year and reiterated the company's unchanged full-year guidance. He emphasized the need for continued focus on executing strategic initiatives to achieve consistent, profitable growth.
Financial Highlights
Oatly experienced revenue growth primarily in the retail channel during the first quarter of 2024. Additionally, the company witnessed reductions in research and development expenses, as well as selling, general, and administrative expenses, contributing to overall operational efficiencies.
Strategic Realignment
Effective January 1, 2024, Oatly realigned its operating segments to enhance strategic decision-making and resource allocation. The new segments include Europe & International, North America, and Greater China, reflecting the company's commitment to optimizing operational effectiveness.
Conclusion
Oatly's strong financial performance in the first quarter of 2024 underscores its resilience and strategic focus. With a solid start to the year and unwavering commitment to its growth objectives, Oatly is well-positioned for continued success in the global oat-based beverage market.
Continued Progress
Flatin acknowledged the importance of maintaining momentum throughout the year and reiterated the company's unchanged full-year guidance. He emphasized the need for continued focus on executing strategic initiatives to achieve consistent, profitable growth.
Financial Highlights
- First quarter revenue reached $199.2 million, marking a 1.8% increase compared to the prior year period. Constant currency revenue also saw a 1.2% growth, driven by strong performance in Europe & International and North America segments.
- Gross margin for the quarter was 27.1%, reflecting a significant improvement of 9.7 percentage points compared to the same period last year. This enhancement was primarily attributed to supply chain efficiencies, particularly in the North America segment.
- The company reported a net loss attributable to shareholders of $45.8 million for the first quarter, an improvement of $29.8 million compared to the prior year period. Adjusted EBITDA loss narrowed to $13.2 million, a substantial improvement of $36.7 million.
Oatly experienced revenue growth primarily in the retail channel during the first quarter of 2024. Additionally, the company witnessed reductions in research and development expenses, as well as selling, general, and administrative expenses, contributing to overall operational efficiencies.
Strategic Realignment
Effective January 1, 2024, Oatly realigned its operating segments to enhance strategic decision-making and resource allocation. The new segments include Europe & International, North America, and Greater China, reflecting the company's commitment to optimizing operational effectiveness.
Conclusion
Oatly's strong financial performance in the first quarter of 2024 underscores its resilience and strategic focus. With a solid start to the year and unwavering commitment to its growth objectives, Oatly is well-positioned for continued success in the global oat-based beverage market.
23.09.2024
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