By Scott Kanowsky
Investing.com -- Nasdaq-listed shares in Oatly Group AB (NASDAQ:OTLY) fell sharply in pre-market trading on Monday after the Swedish oat drink producer slumped to a deeper loss in the third quarter and lowered its 2023 sales guidance.
The Malmö-based company reported a net loss attributable to shareholders of $107.9 million during the three-month period, widening a loss of $41.2M posted in the corresponding timeframe last year.
“Third quarter financial results were below our expectations, largely driven by COVID-19 restrictions in Asia, production challenges in the Americas, and continued foreign exchange headwinds," said Oatly Chief Executive Officer Toni Petersson in a statement.
Oatly also brought down its annual sales forecast, saying it expects to post top-line returns of between $700M to $720M in 2022. In the second quarter, the group had predicted revenues would come in at $800M to $830M.