(Updated - November 15, 2021 7:22 AM EST)

Oatly (NASDAQ: OTLY) reported Q3 EPS of ($0.07), $0.02 better than the analyst estimate of ($0.09). Revenue for the quarter came in at $171.1 million versus the consensus estimate of $185.95 million.

For fiscal year 2021, the Company expects:

• Revenue to exceed $635 million, an increase of greater than 51% compared to fiscal year 2020 with strong growth across regions. This revenue outlook assumes nominal contribution from the Company’s Maanshan, China facility that is on-track to open this month as previously communicated. Assuming no significant changes from foreign exchange rates today, the Company expects the fourth quarter exchange rates to be a single-digit tailwind on a percentage basis compared to the prior year period. The Company is currently investigating a quality issue it identified at one of its production facilities that will probably result in the destruction of inventory and corresponding lost sales in the EMEA region; however, the Company does not expect this will limit its ability to achieve these targeted results for 2021.
• Capital expenditures between $280 million and $320 million
• Production capacity to be approximately 600 million liters of finished goods at the end of the year

(Consensus sees FY21 revenue of $694 million)

Long-term, the Company expects:

To generate gross profit margin of greater than 40% and adjusted EBITDA margin approaching 20% - as it benefits from a much larger self-manufacturing footprint globally, greater economies of scale and continued strong revenue growth

For earnings history and earnings-related data on Oatly (OTLY) click here.