Mackenzie Tatananni
Symbotic stock slumped in premarket trading Wednesday after the robotics company restated 2024 earnings and slashed its outlook.
Shares tumbled 24% to $26.80, marking the largest single-day drop since Feb. 6, when Symbotic reported an earnings disappointment.
Wednesday's decline came after Symbotic reported that it wouldn't meet the deadline for filing its 10-K annual report for the fiscal year ended Sep. 28.
The company, which builds artificial intelligence-powered systems for warehouse clients in the U.S. and Canada, cited the need to assess the financial impact of an error "related to system revenue recognition."
About a week ago, Symbotic posted revenue of $577 million, net income of $28 million, and adjusted earnings before interest, taxes, depreciation, and amortization of $55 million for the fiscal fourth quarter. Now these numbers are expected to take a hit of $30 million to $40 million.
The company also changed its fiscal-first-quarter outlook to revenue of $480 million to $500 million, down from a range of $495 million to $515 million. Symbotic lowered the adjusted Ebitda outlook for the quarter to $12 million to $16 million, down from a range from $27 million to $31 million.
Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com
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(END) Dow Jones Newswires
November 27, 2024 09:05 ET (14:05 GMT)
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