Robotics maker AutoStore doubles revenue and warns of margin impact

File Photo: “Bots” will appear on the grid of “Smart Platforms” at Ocado CFC (Customer Fulfillment Center) in Andover, UK, on ​​May 1, 2018. Photo taken on May 1, 2018. REUTERS / PeterNicholls / File Photo

November 24, 2021

By Terje Solsvik

Oslo (Reuters)-Norwegian robotics firm surged 95% in third-quarter earnings to 8,470 on Wednesday as AutoStore was tight on supply of certain components that impact earnings margins in the short term. Announced that it has reached $ 10,000.

The manufacturer of automated warehouse technology, the largest owner of SoftBank’s nearly 40% stake, went public last month on Norway’s most valuable new stock market in 20 years.

The company maintains a revenue outlook of approximately $ 300 million this year, increasing to more than $ 500 million in 2022, with a medium-term outlook of approximately 40%.

AutoStore has a tight supply of certain parts and materials, which does not impact growth, but can impact profits.

“For certain parts, global supply chain issues that affect everyone, such as components and aluminum, are underway,” Karl Johann Liar, CEO, told Reuters. In general, we are in a very difficult situation. “

“Despite this situation, we may have some impact on our earnings margins in the short term, but we believe we outperform this when it comes to achieving the earnings growth we have led. “I will.”

AutoStore had a quarterly interest, tax, depreciation and pre-amortization adjusted profit (EBITDA) of $ 42.3 million, an increase of 88% year-on-year, but an EBITDA margin of 52% year-on-year. It was relaxed to 50%. ..

The CEO declined to comment on how much margin reductions the component situation could lead to.

“But I’m very happy with the ability to generate strong growth and strong bottom line in both 2021 and 2022,” he said.

Based on the initial public offering momentum on October 20, AutoStore’s stock rose 29%, making it the fifth most valuable listed company in Norway and the second largest without strategic government interests. became.

(Report by Terje Solsvik, edited by Tom Hogue, Sherry Jacob-Phillips, Kim Coghill)

Robotics maker AutoStore doubles revenue and warns of margin impact

Source link Robotics maker AutoStore doubles revenue and warns of margin impact

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