AutoStore drops to all-time low on Kion's profit warning

AutoStore Holdings

14/09/2022 09:26

** Shares in Norwegian robotics firm AutoStore  AUTO.OL 
slide as much as 12.6%, hitting their lowest price ever
    ** ABG Sundal Collier analyst Daniel Vårdal Haugland says
the key reason is the profit warning from peer Kion Group
 KGX.DE   urn:newsml:reuters.com:*:nTUC7LVWK8
    ** Kion says its Supply Chain Solutions (SCS) segment is
seeing significantly higher cost increases for materials, energy
and logistics, and weaker demand and even cancellations from
e-commerce customers
    ** Haugland says system integrator Dematic - an AutoStore
partner - is a key asset in this segment and also sells
competing Shuttle solutions
    ** "FY guidance implies -17% to -38% in order intake in H2,
so market is clearly weaker," he adds
    ** Kion slumps over 19% to an eight-year low after the Q3
and FY profit warning of unexpected magnitude  urn:newsml:reuters.com:*:nL8N30L1AI
    ** AutoStore is the second worst performer on the
pan-European STOXX 600 index  .STOXX  behind Kion, as
Wednesday's losses wipe off NOK 5.3 bln ($523.5 mln) from its
market cap

($1 = 10.1249 Norwegian crowns)

 (Reporting by Jagoda Darlak)
 ((jagoda.darlak@tr.com))