The Swedish oat Milk Maker, which floated in New York in May, reported a 53% rise in second-quarter revenues. It benefited from the dairy alternative boom and forecast full-year sales ahead of expectations. The company spokesperson affirmed their expectations for full-year revenues of more than $690m for 2021.
According to recent data, this would be a 64% increase from the previous year and above analyst forecasts of $681m. By June revenues spurred to $146.2m, helped by a 43% increase in production volumes to 106m liters.Toni Petersson, Oatly’s chief executive, described 2021 as the most transformational year while announcing investments to increase production capacity at its plant in Utah in the second half. The company raised $1.4bn in its Nasdaq IPO, valuing it at $10bn.
Petersson confirmed that the company’s second plant in Asia was on track to open later this year. The company also added that the new and existing production capacity gives us confidence in our ability to achieve an accelerated revenue growth rate in the second half of this year. The surge in logistics costs in Europe and the Americas and higher container rates for shipments to Asia, ate into its quarterly gross profit margin, taking it to 26% from 32%.
Swedish Oat Milk Maker said changes in its regional, channel and customer mix and a negative foreign exchange effect also affected margins. Shares were at $17.13 in pre-market trading. The company faced another setback earlier this month when it lost its trademark infringement case against a UK family farm over its PureOaty drink.