iRobot Cleans Up In Q1

Following a strong holiday season, iRobot Corp. continued to see gains in revenue and net income in the first quarter.

For the three months ended April 1, revenue was $168.5 million, compared with $130.8 million for the first quarter of 2016. First quarter revenue included $3 million from its defense and security business divested at the beginning of the second quarter of 2016.

Net income for the first quarter of 2017 was $16.4 million, compared with net income of $3.9 million for the first quarter of 2016. Quarterly earnings per share were $0.58, compared with earnings per share of $0.13 in the first quarter of 2016. Adjusted EBITDA for the first quarter of 2017 was $30.2 million, compared with $14.1 million in the first quarter of 2016.

“Building off the strong momentum we experienced during the year-end holidays, iRobot delivered first quarter 2017 consumer revenue growth of 32% due to growth across all regions,” said Colin Angle, chairman and chief executive officer of iRobot. “We also achieved an important strategic initiative with the completion of the purchase of our Japanese distributor shortly after the close of the first quarter.”

Company officials are also increasing its full-year financial expectations, with iRobot now expecting 2017 revenue of $780 million to $790 million, EPS of between $1.45 and $1.70 and operating income of $60 million to $70 million.

“These expectations reflect our confidence that the momentum we built during the 2016 holiday season, particularly in the United States and EMEA, will continue throughout 2017,” Angle said. “In addition, greater control over marketing in China and Japan will enable us to accelerate growth in those regions.”