AutoStore plummets after a 'mixed' quarter
17/08/2023 08:30
** AutoStore AUTO.OL slumps over 8% after the Norwegian
robotic and software technology company reported a "mixed" set
of Q2 results despite retaining guidance
** It posted Q2 adj. EBITDA of $87 million, up 25%
year-on-year, and 8% ahead of company consensus
** The company's Q2 orders came in at $137 million, down 15%
year-on-year, and 12% below company consensus
** AutoStore reiterated its 2023 revenue guidance
** Jefferies says its a "mixed Q2 overall", with strong
growth in Europe offsetting declines in the U.S. and Nordics
** The brokerage adds the market is likely to focus on the
12% order miss due to delays and macro uncertainty, despite
strong margins
** The stock is on track for its worst day since April
(Reporting by Marta Frackowiak)
((marta.frackowiak@thomsonreuters.com))