Autostore posts Q3 EBITDA, revenues below company consensus, shares slide
10/11/2022 09:52
** Shares in Autostore AUTO.OL are down 7%, after the
Norwegian robotics firm reported revenues and an adjusted EBITDA
below company compiled consensus for Q3, impacted mainly by
higher grid costs urn:newsml:reuters.com:*:nL8N3260V0
** Revenue came in at $147 mln, 3% below company compiled
consensus, while adj. EBITDA came in a $54.9 mln, 9% below
company compiled consensus
** This implies adj. EBITDA margins of 37%, below company
consensus of 39.5%, and down from 50% last year
** The company said the margin is mainly held back by
continued price pressure on key components, particularly grid
parts, resulting from global supply chain issues in 2022
** Jefferies ("buy") notes that it likely sees some small
downgrades of adj. EBITDA in 2022/23, citing a longer path to
return to historical margins
** Shares in Autostore are on track for their worst day
since mid-September, when they closed 12.1% lower
(Reporting by Louise Breusch Rasmussen)
((Louisebreusch.rasmussen@thomsonreuters.com))