OSLO, May 12 (Reuters) – Norwegian robotics firm AutoStore (AUTO.OL) 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 costly patent litigation and fears that a recession could hurt demand from e-commerce firms.
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% annual growth. Analysts on average expect revenue of $576.8 million this year, according to the poll.
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Reporting by Marie Mannes, editing by Terje Solsvik
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