iRobot reported overall sales growth for its first quarter ended April 2, 2016, as the company expands its home robot business.
Revenue for the first quarter was $130.8 million, compared with $118 million for the first quarter of 2015. Net income for the first quarter was $3.9 million, compared with net income of $4.8 million for the first quarter of 2015. Quarterly earnings per share was $0.13, compared with earnings per share of $0.16 in last year’s first quarter.
According to Colin Angle, chairman and chief executive officer of iRobot, home robot revenue grew 15% over last year’s first quarter, driven by growth in the United States following a strong fourth quarter. In addition, the company said it has had strong sales for its new Braava Jet mopping robot.
“We also achieved a major milestone in shifting our strategic focus to the home with the completion of the sale of the defense and security business,” Angle said.
“We continue to expect 2016 revenue of $630 to $642 million, EPS of between $1.20 and $1.40 and adjusted EBITDA of $80 to $90 million or roughly 13-14% of revenue,” Angle said. “These expectations reflect our continued confidence that home robot revenue will grow 12-13% driven by strong growth in the U.S. and China.”
He added, “The success of the marketing programs we ran during the 2015 holiday season, resulting in year-over-year sell-through of more than 70%, caused U.S. retailers to re-stock their shelves in the first quarter, ahead of our expectations. We anticipate this momentum to continue throughout 2016 as heavy promotional activities begin again in the second quarter for Mother’s Day and Father’s Day. We are off to a great start in 2016 and tracking well to our plan.”