iRobot Corporation (NASDAQ: IRBT)
On Tuesday July 25th, 2017, iRobot Corporation reported their earnings for the second quarter of 2017.
For many investors, mutual funds, hedge funds, and overall market speculators, the results were spectacular and sent shares soaring higher in the after market trading session.
Shares, which had closed down -$2.48 at $87.90 soared +$18.60 or 21% and closed at $106.50 at 8 p.m. eastern Daylight Time.
The Numbers
Revenues came in at $183 million dollars which compares with the previous second quarter of 2016 at $148 million dollars.
Revenue for their first half of the 2017 fiscal period was $351 the million dollars and this compares with $279 million dollars in the previous same period.
Quarterly earnings also blew away the estimates, coming in at $0.27 per share versus $0.17 per share in the previous same period. Consumer revenue in the United States grew more than 45% from last year.
The company also announced an acquisition. They are acquiring their biggest competitor in Europe, named Robopolis- a private company.
iRobot Comments
Colin Angle, chairman and CEO of iRobot had this to say to shareholders and investors-
“Our outstanding second-quarter results exceeded our expectations. Based on our Q2 results, and our outlook for the rest of 2017, fueled by positive momentum in the United States and EMEA, we are increasing our full-year 2017 financial expectations. We now expect 2017 revenue of $815 to $825 million, a 24 – 26% increase over 2016 consumer revenue, operating income of between $67 and $75 million, and EPS of between $1.80 and $2.00, none of which reflects any impact of our announced acquisition of our largest European distributor,” said Colin Angle, chairman and chief executive officer of iRobot.
“Our increased expectations reflect our increased confidence that U.S. and EMEA momentum will continue and that full-year revenue in those regions will grow roughly 30% and high-teens percent respectively.
He added,
“At this stage in the Western European market evolution, and the growth opportunity it presents, we feel a more direct go-to-market strategy is necessary to continue driving adoption of robots for the home, The Robopolis team has been instrumental in establishing iRobot as the leading consumer robotics brand in Western Europe. We look forward to them formally joining iRobot and working together to ensure continued growth.”
IRBT Price Charts
The above price chart shows Tuesday’s trading action. On the left is the intraday 5 minute intervals of trading. On the right is the 5 minute intervals of trading from 4 p.m. until 8 p.m. eastern Daylight Time. It is easy to see the meteoric rise just after 4 p.m. on the right side of the chart in the shaded area.
The above price chart shows the daily history going back almost 6 months. The oval shaded area on the upper right is where shares will likely open for trading on Wednesday morning.
Company Profile
iRobot Corporation designs, builds, and sells robots for the consumer market worldwide. It offers Roomba floor vacuuming robots; Braava family of automatic floor mopping robots; Mirra Pool Cleaning Robot to clean residential pools and removes debris as small as two microns from pool floors, walls, and stair; and Looj Gutter Cleaning Robot. The company sells its robots through various distribution channels, including chain stores and other national retailers, its online store, and value-added distributors and resellers. iRobot Corporation was founded in 1990 and is headquartered in Bedford, Massachusetts.-YahooFinance
