Autostore continues to grow strongly, turning losses into profits in the third quarter.
The warehouse robot company will report its third-quarter results Thursday morning.
- Autostore generated revenue of $147 million in the third quarter, up from $85 million in the corresponding quarter of the previous year, representing a growth of 74 percent.
- Operating profit rose to $35.5 million in the first quarter from minus $26.3 million in the third quarter of last year.
- And at the bottom of the calculations, the after-tax result rose to $13.6 million from minus $36.3 million.
Autostore still expects revenue of $550 million to $600 million for the full year of 2022, according to the report. Next year, revenue is expected to grow to between $700 million and $800 million.
Orders fell to $155.2 million, an increase of 10.9 percent compared to the third quarter of last year.
At the end of the quarter, the company’s backlog amounted to $470 million, an increase of 37.3 percent over the same period last year.
At the same time, Autostore is feeling the cost pressure. Profitability, measured based on adjusted gross operating margin (EBITDA margin), declined in the quarter.
The company reports that this is mainly due to continued cost inflation on key components as a result of challenges in global value chains in 2022.
Autostore wrote that it has taken action and increased prices, which the company expects to bring margins back to historical levels through 2023, when projects are in order reserve.
A patent dispute against British company Ocado continues to impose costs on Austostore. This quarter, those costs were $7 million, and so far this year, the company has spent $23.4 million.
The two contenders have long been vying for patents in several courts.
In the fall of 2020, Autostore sued Ocado for patent infringement in the United States and the United Kingdom. The lawsuit was followed by counterclaims from Ocado and several lawsuits in a widespread legal battle.
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