AutoStore Q1 revenue, profit beat forecast

OSLO :Norwegian robotics firm AutoStore posted on Thursday a bigger-than-expected rise in first-quarter revenue and core earnings, and maintained its full-year guidance as order intake continued to rise.

The company's revenue for January-March rose to $123.1 million from $64.1 million in the same period of 2021, beating the average expectation of $112 million in a company-provided poll of analysts.

The maker of automated warehouses last year became Norway's most valuable stock market entrant in two decades, but its share price has since suffered from a costly patent litigation and fears that a recession could hurt demand from e-commerce firms.

"Despite the current tight market situation for certain parts and materials, we are confident in our ability to deliver solutions to sustain the revenue growth," Chief Executive Karl Johan Lier said in a statement.

AutoStore said it has introduced price hikes and a temporary aluminium surcharge to mitigate the impact on earnings margins from strains in the supply chain.

The company expects margins to improve towards the end of 2022 and going into 2023.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for January-March rose to $54.2 million from $32.3 million in the same period of 2021, beating the average expectation of $49.8 million in a poll of analysts.

AutoStore maintained its full-year revenue outlook for 2022 of $550 million-$600 million and upheld a medium-term outlook of 40 per cent annual growth. Analysts on average expect revenue of $576.8 million this year, according to the poll.

Litigation costs amounted to $9.9 million in the first quarter of 2022, the company said, up from $7.7 million in the final three months of last year and more than doubled compared to the first quarter of 2021.

The Oslo-listed firm's shares are down 45 per cent year-to-date.

AutoStore's biggest owner is Japan's SoftBank with a stake of close to 40 per cent.