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iRobot Q1 Net Drops, Beats Wall Street Estimates

Wednesday April 23rd, 2014 - 10:26AM


For the first quarter ended March 29, iRobot Corp. posted net income of $5.3 million, or 18 cents per share, versus $8.4 million, or 29 cents per share, in the year-earlier period. First quarter revenue was $114.2 million, the company reported, compared with $106.2 million for the 2013 period.

First quarter 2013 EPS included an eight cents per share benefit from investment tax credits, iRobot asserted. Adjusted EBITDA in the quarter, it noted, was $14.2 million compared with $15.2 million in the 2013 period.

Motley Fool analyst Tamara Walsh noted that iRobot had delivered better than expected results for the four quarters preceding the first of 2014 and that financial analysts, on average, expected earnings of 16 cents per share and revenue of $112.26 million for the most recently completed reporting period.

The Home Robot business delivered substantial growth on an increasing base, iRobot maintained, with revenue gains in all of the company's geographic regions contributing to 17% first quarter year-over-year growth. The new Roomba 880 began shipping to limited domestic retailers and select European and Asian markets, the company noted, while the Scooba 450 floor scrubbing robot launched via the company website in January.

In April, iRobot added, the company received the first orders for the Ava 500 video collaboration robot, launched during March in the United States, Canada and limited European markets through select certified Cisco resellers.

"We kicked off 2014 with an excellent quarter," Colin Angle, iRobot chairman and CEO, said in comments on the financial performance. "The results and outlook for our Home Robot business are excellent. We were very excited to announce the availability of our Ava 500 video collaboration robot, and our Defense & Security business performed as expected. Based on our Q1 results and our outlook for the rest of 2014, we are reaffirming our full-year financial expectations of revenue between $560 and $570 million, EPS of $1 to $1.15."