Q2 2024 Oatly Group AB (publ) Earnings Call Transcript
Key Points
- Oatly Group AB (OTLY) reported a 10% year-over-year increase in total company volume for the second quarter.
- Gross margin improved by approximately 200 basis points sequentially to 29%, a significant improvement from the previous year's second quarter.
- The North America segment reported its first quarter of profitable growth.
- The Greater China segment generated positive adjusted EBITDA for one month during the quarter.
- Oatly Group AB (OTLY) updated its full-year guidance to be slightly more favorable, expecting constant currency revenue growth in the range of 6% to 10%.
- Adjusted EBITDA for the quarter was a loss of $11 million, despite improvements.
- The Greater China segment experienced a 15.9% constant currency decline in revenue, impacted by strategic resets.
- Price-mix was a 5.7% headwind for the company's overall revenue growth.
- The company is still undergoing the process of exiting manufacturing facilities in the US and the UK, which has financial implications.
- Despite improvements, the company acknowledges that it still has plenty of work to do to reach its longer-term profitability targets.
Good day, and welcome to the Oatly second-quarter earnings call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Brian Kearney from Investor Relations. Please go ahead.
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Good morning, and thanks for joining us today. On today's call are our Chief Executive Officer, Jean-Christophe Flatin; our Chief Operating Officer, Daniel Ordonez; and our Chief Financial Officer, Marie-Jose David.
Before we begin, please review the disclaimer on slide 3. During this call, management may make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our future results of operations and financial position, industry and business trends, business strategy, market growth, and anticipated cost savings.
These statements are based on management's current expectations and beliefs and involve risks and
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