Grain drain

Oatly had its biggest decline in a year after the oat-based beverage maker missed Wall Street’s third-quarter projections, lowered its sales forecast and said it was cutting staff. Analysts had forecast that the Swedish company would lose 10 cents per share in the period, but Oatly chalked up losses of 18 cents per share on sales of $183 million, which also came in under targets. Oatly, which also makes oat-based yogurt, frozen desserts and coffee creamers, lowered its full-year sales guidance to between $700 million and $720 million, well short of analysts’ targets of $794 million. The company said its lower forecast reflects COVID-19 pressures dragging down sales in Asia, operational challenges in the Americas and ongoing foreign exchange headwinds. Oatly said it would downsize its workforce, but did not say by how many employees.