Autostore soars on Q1 order beat, improving margins
27/04/2023 08:44
** Shares in Autostore AUTO.OL rise more than 16% after
the Norwegian robotic and software technology company posted
better-than-expected order intake and improved margins in Q1
** It reports quarterly orders of $164 million, 12% above
consensus, and gross margin of 67%, up from 63% in Q1 2022
** The company says growing gross margins owe to strategic
pricing actions and "more favorable" aluminum grid costs
** "We believe investors will welcome the margin improvement
given challenges in previous quarters," J.P.Morgan says, but
notes revenue was below estimates as the company cited a
"challenging market"
** Autostore shares have risen by a third YTD
(Reporting by Boleslaw Lasocki)
((boleslaw.lasocki@tr.com))