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iRobot Cleans Up In Q2

iRobot continues to gain momentum in the consumer robotic vacuum market with sales growth reported for its second quarter ended June 30, 2018. 

The company reported $226.3 million in revenue for the second quarter of 2018, compared with $183.1 million for the second quarter of 2017. Revenue for the first half of 2018 was $443.4 million, compared with $351.6 million in last year’s first half.

Operating income in the second quarter was $13.4 million, compared with $4.1 million in the second quarter of 2017. For the first half of 2018, operating income was $38.8 million, compared with $25.7 million a year ago.

Quarterly earnings per share were $0.37 for the second quarter of 2018, compared with $0.27 in the second quarter of 2017. First-half earnings per share were $1.08, compared with $0.85 in the first half of 2017.

“We delivered strong second quarter revenue growth of 24% over the second quarter of 2017, driven by growth across all major regions. Shipments to support second quarter holidays in the U.S. drove domestic revenue growth of 15% over last year,” said Colin Angle, chairman and chief executive officer of iRobot. “Given our second quarter 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 now anticipate full-year 2018 revenue of $1.06 to $1.08 billion dollars, which is year-over-year growth of 20% to  22%, full-year 2018 operating income of $90 to $96 million, and full-year 2018 EPS of $2.30 to $2.50. 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.”