Symbotic, a maker of AI-enabled robotic technologies for automating warehouses and distribution centers, late Wednesday beat estimates for its fiscal third quarter. But it guided below views with its forecast. Symbotic stock plunged in extended trading.
The Wilmington, Mass.-based company reported $45 million in adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, for the quarter ended June 28. Sales rose 26% year over year to $592 million. Symbotic had guided to adjusted EBITDA of $28 million on sales of $530 million, based on the midpoint of its outlook.
Analysts polled by FactSet were expecting adjusted EBITDA of $28.7 million on sales of $533.2 million in fiscal Q3.
For the current quarter, Symbotic forecast adjusted EBITDA of $47 million on sales of $600 million, based on the midpoint of its guidance. However, Wall Street was looking for adjusted EBITDA of $53.2 million on sales of $636 million in the fiscal fourth quarter.
In after-hours trading on the stock market today, Symbotic stock tumbled 14% to 54.10. During the regular session Wednesday, Symbotic stock dropped 0.5% to close at 62.90.
Symbotic Hit Record High Amid Product Unveiling
On Tuesday, Symbotic stock notched a record high of 64.16 in intraday trading. That happened after the company unveiled its next-generation storage system for warehouse automation. The system features increased storage capacity in a reduced footprint. That leads to faster case handling times, the company said in a news release.
"Looking ahead, with the launch of a proprietary new storage structure, we expect a temporary short-term impact on revenue based on schedules shifting to accommodate," Chief Financial Officer Carol Hibbard said in a news release. "Importantly, the new structure does not affect our backlog and supports our long-term value creation."
Symbotic stock is on the IBD 50 list.
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