Shares of alternative-milk company Oatly Group (NASDAQ: OTLY) soared on Tuesday after the company reported financial results for the first quarter of 2024. It's only a mild reprieve for a stock that's still 96% below its all-time high, but it was a welcome reprieve for shareholders, nonetheless, with Oatly stock up 15% as of 1:15 p.m. ET.

When it comes to the top line, Oatly didn't turn any heads in Q1. The company's Q1 revenue of $199 million was up less than 2% year over year. However, management is shooting for profitable operations, and the company took a humongous step forward.

In Q1, Oatly had a gross margin of 27%. For perspective, its gross margin was only 17% in the prior-year period and 11% in 2022. Management credited improvements to its supply chain operations for the big jump. By contrast, its prices increased less than 2%.

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Source Fool.com