Walmart-backed Symbotic jumps on rev beat, guidance

Symbotic

21/11/2023 11:22

** Symbotic Inc's  SYM.O  shares up 22.5% at $45.53
premarket after warehouse robotics firm's strong qtrly report
    ** Co late Mon posted fiscal Q4 rev of $391.9 mln, up 60%
yr/yr, vs LSEG estimate of $306.9 mln
    ** It expects Q1 rev $350-$370 mln, vs $206.3 mln in yr-ago
period, and guided for adj EBITDA of $11-$14 mln
    ** “We are pleased to report another quarter of strong
revenue growth and margins, as we initiated four new system
deployments and completed commissioning of two systems," CFO Tom
Ernst said
    ** TD Cowen ("outperform") said "the magnitude of the beat
was striking and is another clear datapoint supporting momentum
of the underlying business as it continues to scale," in note to
clients
    ** 10 of 14 analysts rate SYM "buy" or "strong buy", rest
"hold", per LSEG, with median PT of $58
    ** Shares have more than tripled this year
    ** Symbotic went public in Jun 2022 after Walmart-backed
 WMT.N  co merged with SPAC sponsored by Japan's SoftBank
 9984.T 

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))