Oatly is forecasting a 64% increase as part of its annual revenue for 2021. That's according to the company who reported the results during its second quarter call on August 16. The Swedish-based company known for its oat-based dairy alternatives recorded a quarterly revenue of $146 million for the second quarter, ending June 30, 2021. That's a 53.3% increase compared to 2020.
During the call, the company announced it anticipates revenue to exceed $690 Million. Shares of the company, which completed its initial public offering on May 24 of this year, rose 6.5% since its initial public offering price of $17.
“2021 represents the most transformational year in our Company’s history with the completion of our successful IPO in May, which has provided us with the capital to fuel new production capacity globally as we scale our business across three continents to meet the robust consumer demand for our leading oat-based brand," said Toni Petersson, Oatly’s CEO. "We’re continually expanding global production capacity to support our long-term growth and launching key partnerships and distribution agreements with prominent customers globally.
Ramping Up Construction
As part of its continued growth, Oatly is ramping up construction on at least two U.S-based manufacturing plants. At its Ogden, Utah facility, the company will begin construction in the second half of 2021 that will nearly double its production capacity.
Last week Oatly announced it will begin building its next production facility in Forth Worth, Texas. The company is planning a 280,000-square-foot manufacturing center that is expected to create more than 100 jobs once completed in 2023.