Symbotic Q3 revenue rises 26%, beats estimates
Overview
Symbotic fiscal Q3 revenue up 26% to $592 mln, beating analyst expectations
Company reports net loss of $32 mln, wider than last year's loss
Outlook
Symbotic expects Q4 revenue of $590 mln to $610 mln
Company anticipates Q4 adjusted EBITDA of $45 mln to $49 mln
Company says new storage structure supports long-term value creation
Result Drivers
REVENUE GROWTH - Revenue increased 26% year-over-year, driven by innovations in supply chain technology
GROSS MARGIN IMPROVEMENT - Gross margins improved year-over-year, reflecting operational progress
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Beat | $592.12 mln | $533.20 mln (16 Analysts) |
Q3 EPS |
| -$0.05 |
|
Q3 Net Income |
| -$31.92 mln |
|
Q3 Gross Profit |
| $107.62 mln |
|
Q3 Operating Expenses |
| $144.18 mln |
|
Q3 Operating Income |
| -$36.56 mln |
|
Q3 Pretax Profit |
| -$28.10 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 9 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the industrial machinery & equipment peer group is "buy"
Wall Street's median 12-month price target for Symbotic Inc is $35.12, about 80% below its August 5 closing price of $63.21
The stock recently traded at 150 times the next 12-month earnings vs. a P/E of 54 three months ago
Press Release: ID:nGNX2pcjtS
