Symbotic 1Q Revenue Growth Misses Management Expectations

Dow Jones
06 Feb

Symbotic logged revenue growth for its fiscal first quarter that came below management expectations and guided for further growth that missed Wall Street estimates.

Shares fell 15.1% to $26.25 in post-market trading. The stock had risen 31% since the beginning of the year through Wednesday's close.

The robotics warehouse automation company on Monday posted a net loss attributable to common shareholders for the three months ended Dec. 28 of $3.5 million, or 3 cents a share, compared with a loss of $2.8 million, or 3 cents a share, for the same period a year earlier. Analysts polled by FactSet had expected a loss of 3 cents a share.

Revenue rose 35% to $486.7 million, missing the $490 million expected by Wall Street, according to FactSet.

Symbotic's adjusted earnings before interest, taxes, depreciation and amortization rose to $17.9 million from $8.1 million a year ago. Symbotic had most recently guided for quarterly revenue of $495 million to $515 million and an adjusted Ebitda of $27 million to $31 million for the first quarter.

"With our recent acquisition of Walmart's Advanced Systems and Robotics business now completed, we look forward to enhancing an already strong position to drive exceptional results for our stakeholders," Chief Executive Rick Cohen said.

For the fiscal second quarter, Symbotic expects revenue of $510 million to $530 million, growing up to 30% but coming below the $533 million forecast by Wall Street. It also forecasts an adjusted Ebitda of $26 million to $30 million.

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