By Shares of Symbotic, the Wilmington-based supply-chain robotics supplier, soared 12% to $47.29 in morning trading as the company revealed better-than-expected fiscal third-quarter revenue. This significant increase comes amid an impressive year for the stock, which has nearly quadrupled in value.
For the quarter that ended June 24, Symbotic reported a loss of $4.35 million (seven cents per share), compared to a loss of $1.31 million (three cents per share) during the same period last year. Despite the loss, analysts had predicted a slightly larger loss of eight cents per share.
Symbotic’s revenue for the quarter surged to $311.8 million from $175.6 million in the previous year, exceeding analysts’ expectations of $261 million. The company had initially projected revenue between $245 million and $265 million for the quarter.
Looking ahead to the fiscal fourth quarter, Symbotic forecasts revenue ranging from $290 million to $310 million, aligning closely with analysts’ estimates of $300 million. The company also anticipates adjusted earnings before interest, tax, depreciation, and amortization to range from zero to $3 million.
Symbotic’s performance is a testament to its success in the robotics industry and its ability to exceed market expectations. As the company continues to innovate within the supply-chain sector, investors eagerly await its future strides.
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