Symbotic Shares Surge on Earnings Beat, Outlook

Dow Jones11-19 19:49

By Dean Seal

Shares of Symbotic soared after the company posted strong results for its fiscal fourth quarter and provided an upbeat outlook for the current quarter.

The stock was up 29% at $39.48 in premarket trading. When the market closed Monday, shares had fallen 40% year-to-date.

The robotics warehouse-automation company reported after Monday's bell that revenue in the quarter ended Sept. 28 climbed 19% to $576.8 million, topping analyst projections for $470.2 million, according to FactSet.

The Wilmington, Mass., company swung to a quarterly profit of $5 million, or 5 cents a share, compared with a loss of $1.9 million, or 2 cents a share, in the same period last year.

Symbotic laid out guidance for more top-line growth in the fiscal first quarter.

Several analysts raised their price targets for Symbotic's stock on Tuesday morning. Davidson analysts said in a note that the company's backlog likely stands at or near record levels.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

November 19, 2024 06:49 ET (11:49 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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