These Analysts Cut Their Forecasts On Symbotic After Q1 Results

Symbotic Inc. SYM reported mixed first-quarter financial results on Monday.

Symbotic reported quarterly losses of 2 cents per share which beat the analyst consensus estimate of a loss of 6 cents per share by 66.67% and is a 83.33% increase over losses of 12 cents per share from the same period last year, according to data from Benzinga Pro.

The company reported quarterly sales of $368.45 million, missing the analyst consensus estimate of $368.86 million by 0.11% and representing a 78.59% increase over sales of $206.31 million the same period last year.

“Fiscal year 2024 is off to a solid start with strong financial and operational results. I am pleased with the trajectory and goals we have planned for the rest of the year,” said Rick Cohen, CEO of Symbotic. “We will continue to innovate and build deployment capacity to support growth and increased profitability for our stakeholders.”

Symbotic expects revenue of between $400 million and $420 million and adjusted EBITDA of between $12 million and $15 million for the second quarter.

Symbotic shares fell 1.7% to close at $49.60 on Monday.

These analysts made changes to their price targets on Symbotic after the company reported quarterly results.

• Keybanc cut the price target on Symbotic from $63 to $55. Keybanc analyst Ken Newman maintained an Overweight rating.
• Needham lowered Symbotic price target from $58 to $54. Needham analyst James Ricchiuti maintained a Buy rating.

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