iRobot Off To Strong Start In Q1

iRobot has reported solid financial results for the first quarter ended March 30, 2019, with what the company termed strong global demand for its robotic vacuums.

Revenue for the first quarter of 2019 was $237.7 million, compared with $217.1 million for the first quarter of 2018. GAAP operating income in the first quarter of 2019 was $22.3 million, compared with $25.4 million in the first quarter of 2018. Quarterly GAAP earnings per share were $0.78, compared with earnings per share of $0.71 in the first quarter of 2018.

The company said it delivered year-over-year first quarter revenue growth across all major regions. First quarter revenue grew 7% in the U.S. and 12% internationally over the 2018 first quarter.

In addition, the company said two new product introductions are on schedule for launch in the second quarter.

“We are off to the strong start we expected in 2019. First quarter revenue grew 9% over the first quarter of 2018. Domestic sell-through was strong, and demand for i7/i7+ exceeded our expectations despite the price increase we implemented on January 1 in the U.S. Overseas, the launches of Roomba i7/i7+ in EMEA, Japan and China were very successful. Strong global demand for these products, coupled with the launch of two new products in the second quarter, are expected to drive second quarter revenue growth in the high teens year-over-year,” said Colin Angle, chairman and chief executive officer of iRobot.

Angle added, “Given our first quarter results and our outlook for the rest of the year, we are reaffirming our 2019 full-year revenue and operating income expectations. We are increasing our full-year expectations for earnings per share to reflect the $0.14 favorable tax impact we recorded in the first quarter that was previously unforecasted. We anticipate full-year 2019 revenue of $1.28 to $1.31 billion, which is year-over-year growth of 17% to 20%, operating income of $108 to $118 million, and EPS of $3.15 to $3.40.”

“I am very excited about the year ahead,” he said. “We expect our global business to deliver strong financial performance that will fund our ability to reinforce our core product leadership in the RVC category, expand and diversify our product portfolio, widen our competitive moat through technological differentiation protected by our IP portfolio, and broaden our manufacturing and supply chain outside China.”