Brief: Autostore Q2 Adj. EBITDA Slightly Above Consensus At $69.5 Mln, Updates 2023 Guidance

AutoStore Holdings

18/08/2022 05:57

Aug 18 (Reuters) - AutoStore Holdings Ltd  AUTO.OL :
    * AUTOSTORE: SECOND QUARTER 2022 FINANCIAL RESULTS
    * Q2 REPORTED  REVENUE $ 165.6 MILLION VERSUS COMPANY
COMPILED
CONSENUS  $141.9 MILLION
    * Q2 ADJUSTED EBITDA MARGIN OF 42.0% (50.0%)
    * Q2 ORDER INTAKE ENDED AT USD 161.3 MILLION AND ORDER
BACKLOG WAS
USD 477.6 MILLION, SUPPORTING REVENUE GUIDANCE OF USD 550-600
MILLION FOR FULL YEAR AND INITIATION OF REVENUE AMBITIONS OF USD
700-800 MILLION IN 2023
    * Q2 ADJUSTED EBITDA $69.5 MILLION VERSUS COMPANY COMPILED
CONSENUS $61.7 MILLION
    * AUTOSTORE CONTINUES TO BENEFIT FROM A HUGE,
UNDERPENETRATED
MARKET WITH HIGH AND INCREASING EXPECTED DEMAND FOR FAST CUBIC
STORAGE.
    * TOGETHER WITH OUR STRONG PROJECT PIPELINE, BACKLOG
JUSTIFIES AN
EARLY 2023 REVENUE ESTIMATE OF USD 700-800 MILLION. A
MEDIUM-TERM GROWTH RATE OF APPROXIMATELY 40% REMAINS REALISTIC,
SUBJECT TO CONTINUED MARKET GROWTH OF AROUND 15%
    * EBITDA ADJUSTMENTS COMPRISING A REDUCTION IN THE PROVISION
FOR
SOCIAL  SECURITY TAX ON MANAGEMENT OPTIONS ATTRIBUTABLE TO THE
REDUCED  SHARE PRICE DURING THE PERIOD, AS WELL AS AN ADJUSTMENT
IN RESPECT OF  OCADO LITIGATION COSTS.
    * Q2 OCADO LITIGATION COSTS $ 6.5 MILLION
    * Q2 EBIT $72.3  MILLION VERSUS COMPANY COMPILED CONSENUS
$35.7
MILLION

Source text for Eikon:  ID:nWkr1Jz6HS 
Further company coverage:  AUTO.OL 

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