Symbotic, a maker of robotic technologies for automating warehouses, late Monday reported in-line results for its fiscal first quarter ended Dec. 30. But SYM stock plummeted in extended trading after the report.
The Wilmington, Mass.-based company reported $14 million in adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA. Sales rose 79% year over year to $368 million. Symbotic had forecast adjusted EBITDA of $11 million to $14 million on sales of $350 million to $370 million for the period.
Symbotic's fiscal Q1 report marked its second straight quarter of profitability on an adjusted basis.
For the current quarter, Symbotic predicts adjusted EBITDA of $12 million to $15 million on sales of $400 million to $420 million. Analysts polled by FactSet had been looking for sales of $402.3 million in the March quarter.
SYM Stock Drops After Report
In after-hours trading on the stock market today, SYM stock tumbled more than 17% to 41.10. During the regular session Monday, SYM stock dropped 1.7% to close at 49.60.
"Fiscal year 2024 is off to a solid start with strong financial and operational results," Chief Executive Rick Cohen said in a news release. "We will continue to innovate and build deployment capacity to support growth and increased profitability for our stakeholders."
Chief Financial Officer Carol Hibbard said Symbotic initiated five system deployments and completed three systems during the December quarter.
Symbotic went public in June 2022. Its customers include Walmart, Albertsons, C&S Wholesale Grocers, Associated Food Stores and Southern Glazer's Wine & Spirits.
Ahead of the earnings report, SYM stock had an IBD Relative Strength Rating of 97 out of 99, according to IBD Stock Checkup.
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