Oatly recently announced financial results for the third quarter and nine months ended September 30, 2024.
“I am pleased to report another quarter of solid progress in strengthening our business,” Jean-Christophe Flatin, Oatly’s Chief Executive Officer, commented. “Our team’s continued focus on solid execution has enabled us to drive profitable growth in each of our three operating segments. As we move forward, we will maintain our north star of driving the total business toward structural, consistent profitable growth, and we intend to continue to invest behind our unique brand voice to recruit more consumers to our brand and further stimulate demand.”
According to a press release, revenue increased $20.4 million, or 10.9 percent to $208 million for the third quarter ended September 30, 2024, compared to $187.6 million for the prior year period. Excluding a foreign currency exchange tailwind of $2.5 million, revenue for the third quarter was $205.5 million, or an increase of 9.6 percent compared to the prior year period. The growth in constant currency revenue was primarily driven by solid volume growth in each operating segment. Sold volume for the third quarter of 2024 increased 13 percent to 141.3 million liters compared to 125 million liters in the third quarter of 2023. Produced finished goods volume for the third quarter of 2024 was 148 million liters compared to 118.8 million liters for the third quarter of 2023.
The company continued to drive revenue growth in both the retail channel and foodservice channel in the third quarter of 2024 compared to the third quarter of 2023, the release added.
To view the report in full, click here.
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