Thursday, December 7, 2023

Symbotic Stock Jumps As Warehouse Automation Firm Posts Adjusted Profit

Must read

Symbotic (SYM), 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.

SYM stock surged 19.1% to 44.26 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.

Earnings report details to follow.

Symbotic’s customers include Walmart (WMT), Albertsons, C&S Wholesale Grocers, Associated Food Stores and Southern Glazer’s Wine & Spirits.

SYM stock has a best-possible IBD Relative Strength Rating of 99, according to IBD Stock Checkup.

Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.


Dolby Laboratories Hits Off-Key Note With Year-Ahead Guidance

NetEase Beats Third-Quarter Earnings Goal On Strong Video Game Sales

Applied Materials Beats Quarterly Goals, But Stock Falls On Criminal Probe Report

See Stocks On The List Of Leaders Near A Buy Point

Find Winning Stocks With MarketSmith Pattern Recognition & Custom Screens

Latest article