iRobot Corporation (NASDAQ: IRBT)
Shares of iRobot Corporation spiked in after-hours trading after the robot maker posted better-than-expected financial results for its fiscal second-quarter ended June 30, 2018.
The robotics technology company saw revenue grow by 24% on year-over-year basis, after experiencing strength in all its major regions.
Its robots also sold out for the fourth consecutive Amazon Prime day last week.
IRBT stock soared 20% in after-hours trading Tuesday, after news of the superb earnings reached investors.
On Wednesday, the shares were trading at $83.56 in premarket session after adding $12.37, or 17.38%.
IRBT Earnings & Outlook
The firm revealed second-quarter profit of $10.5 million, or $0.37 per share for the quarter. In the same period last year, iRobot had a profit of $0.27 per share.
Total revenue was $226.3 million, up from $183.4 million in the previous year. Analysts had modeled profit of $0.18 per share on revenue of $220 million, according to data compiled by Thompson Reuters.
iRobot raised its 2018 earnings per share guidance from $2.15 to $2.40 to $2.30 to $2.50, to reflect its second-quarter performance and outlook for the rest of the year.
The company also lifted its full-year revenue guidance to between $1.06 billion to $1.08 billion, from its earlier forecast of $1.05 billion to $1.08 billion.
iRobot CEO Comments
iRobot chairman and chief executive officer Colin Angle said, “We delivered strong second-quarter revenue growth of 24% in Q2 2018 over Q2 2017, driven by growth across all major regions. EMEA and Japan saw significant year-over-year growth of 51% and 31%, respectively. EMEA growth was driven in part by the revenue uplift from our acquisition of our largest European distributor, which was closed at the beginning of Q4 2017. Shipments to support Q2 holidays in the United States drove domestic revenue growth of 15% over last year.”
“Given our Q2 results and our outlook for the rest of the year, including our anticipated product launches in the second half of the year, we are updating our 2018 full-year expectations. We are continuing to execute against the strategy underlying our 2018 expectations and three-year financial targets which we believe is the most effective way to drive sustainable growth and shareholder value,” concluded Angle.
iRobot Corporation Company Profile
iRobot Corporation engages in designing, building, and selling of robots to its worldwide consumer market.
The company offers Braava automatic floor mopping robots; Roomba family of robots for vacuuming robots; and Mirra Pool Cleaning Robots for cleaning residential pools and removing debris as tiny as two microns from pool walls, stairs, and floors.
Its products are available under the following trademarks: Home Base, iRobot, AeroForce, Roomba, Virtual Wall, Scooba, Create, ViPR, vSLAM, NorthStar, iAdapt, Aware, Looj, Braava, and Mirra
It sells its robots via a variety of distribution channels, such as chain stores as well as other national retailers. It also distributes its products through its online store, and value-added resellers and distributors.
iRobot Corporation was founded in 1990 by Helen Greiner, Rodney Allen Brooks, and Colin M. Angle. Its headquarters are based in Bedford, Massachusetts. –Reuters