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iRobot Raises 2017 Guidance As Q2 Revenue Grows

Robotic vacuum maker iRobot reported strong revenue growth in the second quarter, leading the company to raise its guidance for the remainder of the year.

Revenue for the quarter ended July 1 was $183.1 million, compared with $148.7 million for the second quarter of 2016. Revenue for the first half of 2017 was $351.6 million, compared with $279.5 million last year.

Operating income in the second quarter of 2017 was $4.1 million, compared with $5.9 million in the second quarter of 2016. For the first half of 2017, operating income was $25.7 million, compared with $11.4 million a year ago.

Quarterly earnings per share were $0.27 for the second quarter of 2017, compared with $0.17 in the second quarter of 2016. First-half earnings per share were $0.85, compared with $0.30 in the first half of 2016. Second-quarter and first-half 2017 EPS included discrete tax benefits of $0.15 and $0.21, respectively, due to a new accounting standard related to stock compensation expense.

“Our outstanding second quarter results exceeded our expectations,” said Colin Angle, chairman and chief executive officer of iRobot. “Based on our second quarter 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.”

Angle said the company now expects 2017 revenue of $815 million to $825 million, a 24% to 26% increase over 2016 consumer revenue, operating income of between $67 million and $75 million, and EPS of between $1.80 and $2.00.

In addition, iRobot officials said sales of their products on Amazon during Prime Day more than doubled when compared to 2016. According to the company, the Roomba 652 was ranked No. 1 in robotic vacuum cleaners, No. 1 in all floor care and No. 2 in all home and kitchen for Amazon’s 2017 Prime Day.