Symbotic, a maker of robotic technologies for automating warehouses, late Monday crushed Wall Street's targets for its fiscal fourth quarter and guided analysts higher for the current period. SYM stock rocketed on the news.
The Wilmington, Mass.-based company earned an adjusted $13 million on sales of $392 million in the quarter ended Sept. 30. Analysts polled by FactSet had expected Symbotic to break even on sales of $306.9 million. In the year-earlier period, Symbotic lost an adjusted $20 million on sales of $244 million.
Symbotic earned an adjusted 2 cents a share in the September quarter, vs. a year-earlier loss of 4 cents a share.
For the current quarter, Symbotic expects to earn an adjusted $12.5 million on sales of $360 million. That's based on the midpoint of its outlook. Wall Street had been looking for fiscal first-quarter sales of $343.6 million.
"This has been a year of tremendous growth and progress for Symbotic," Chief Executive Rick Cohen said in a news release. "In fiscal 2024, we will continue to invest in driving innovation, strengthening our partnerships, and scaling for growth."
SYM Stock Pops After Report
SYM stock surged 20.4% to 44.73 in after-hours trading on the stock market today. During the regular session Monday, SYM stock dipped a fraction to close at 37.16.
The company's Q4 report marked its first profitable quarter on an adjusted basis since it went public in June 2022.
Symbotic's customers include Walmart, Albertsons, C&S Wholesale Grocers, Associated Food Stores and Southern Glazer's Wine & Spirits.
"We are pleased to report another quarter of strong revenue growth and margins, as we initiated four new system deployments and completed commissioning of two systems," Chief Financial Officer Tom Ernst said in written remarks. "We also accelerated the pace of system deployments."
SYM stock has a best-possible IBD Relative Strength Rating of 99, according to IBD Stock Checkup.
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