OSLO (Reuters) -AutoStore faces tight provide of sure parts that may influence earnings margins within the quick time period, the Norwegian robotics firm mentioned on Wednesday after posting a 95% surge in third-quarter income to $84.7 million.
The maker of automated warehouse know-how, of which SoftBank is the most important proprietor with a stake of near 40%, final month grew to become Norway’s most beneficial new inventory market itemizing in twenty years.
The corporate maintained its income outlook of round $300 million this yr, growing to greater than $500 million for 2022 with a medium-term outlook for annual progress of round 40%.
AutoStore is going through tight provide of sure elements and supplies, nonetheless, and though this is not going to influence progress it’s more likely to impact its earnings.
“There’s typically a really tight scenario in terms of sure elements, because of the ongoing world provide chain points affecting everybody, together with as an example parts and for aluminium,” Chief Govt Karl Johan Lier informed Reuters.
“We consider we’re on prime of this almost about delivering the income progress we have guided for, regardless of this example, although it will probably have some influence on earnings margins within the quick time period,” he mentioned.
AutoStore posted adjusted earnings earlier than curiosity, tax, depreciation and amortisation (EBITDA) of $42.3 million for the July-September quarter, an increase of 88% year-on-year, whereas the EBITDA margin eased to 50% from 52% a yr in the past.
The CEO declined to touch upon how a lot margin erosion the element scenario might result in.
“However we’re very comfy with our capability to ship robust progress and powerful earnings in each 2021 and 2022,” he mentioned.
Constructing on the momentum of its Oct. 20 preliminary public providing, AutoStore’s shares have since risen 29% to turn into Norway’s fifth-most precious listed agency and the second-biggest with no strategic authorities stake.
(Reporting by Terje Solsvik; Modifying by Tom Hogue, Sherry Jacob-Phillips and Kim Coghill)
