The financial results for the third quarter and nine months ended September 30, 2023 were recently announced by Oatly Group AB. The company revealed that revenue increased $4.6 million, or 2.5 percent, to $187.6 million, compared to $183 million for the third quarter ended September 30, 2022.
“I am pleased with the progress that we made in the third quarter,” Jean-Christophe Flatin, Chief Executive Officer, commented. “Our profitability exceeded our internal expectations and improved sequentially in each segment. We are clearly starting to see the positive impacts of the bold actions that we have been taking over the past year, and we remain on track to achieve profitable growth in 2024.”
Highlights from the report include:
“As we move forward, we are doubling down on our asset-light production strategy,” Flatin continued. “After a detailed review of our supply chain networks in EMEA and Americas, we have found ways to service the growing demand by expanding capacity at our existing facilities in a more gradual manner. As such, we have decided to discontinue construction on the third production facility in each of the two segments. We believe that this change in our approach will increase our focus by reducing the complexity of the supply chain, which increases our confidence in our longer-term margin targets. We also now expect to have lower capital expenditure requirements, and we expect to spend below $75 million in capital expenditures in each of 2023 and 2024.”
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