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Symbotic, Inc. (NASDAQ:SYM) stock is trading lower Tuesday after the company reported worse-than-expected 2024 fiscal year third quarter earnings and issued fourth quarter guidance below estimates.
What Happened: On Monday after the market closed, Symbotic reported third quarter financial earnings, including a loss of two cents per share missing analyst estimates of a loss of one cent per share.
In addition, the company reported sales of $491.86 million beating analyst estimates of $464.55 million. Also, the company reported a net loss of $14 million and adjusted EBITDA of $15 million for the quarter.
For the fourth quarter, the company sees revenue between $455 million and $465 million versus analyst estimates of $516.84 million.
“Symbotic continues to innovate. During the quarter, we extended the future capabilities of SymBot by incorporating an enhanced sensor array and we advanced development of our new minibot for BreakPack,” said Rick Cohen, Chairman and CEO of Symbotic.
“Our teams continue to focus on execution of the 39 systems we have in deployment, which is reflected in our record revenue for the quarter. Our system gross margin fell below expectations due to elongated construction schedules and implementation costs. We are focused on improving our planning, speed of implementation and project management to improve performance.”
Analyst Changes: Following the earnings report, multiple analysts issued price target changes:
SYM Price Action: At the time of writing, Symbotic stock is trading 23.4% lower at $27.28, according to data from Benzinga Pro.
Image: 777546 from Pixabay
Posted In: SYM
