iRobot continued to gain in the consumer robotic vacuum market, with sales growth reported for the first quarter ended March 31, 2018.
The company reported revenue of $217.1 million for the first quarter of 2018, compared with $168.5 million for the first quarter of 2017. First quarter revenue grew 26% in the U.S. and 32% internationally over the first quarter of 2017. Operating income in the first quarter of 2018 was $25.4 million, compared with $21.6 million in the first quarter of 2017.
Quarterly earnings per share were $0.71, compared with earnings per share of $0.58 in the first quarter of 2017.
According to the company, its acquisitions have enabled more consistent global control of the brand and execution of its marketing programs. Investments in research and development continue as planned, and new product introductions are on schedule for launch in the second half, the company said.
“Given our first quarter results and our outlook for the rest of the year, we are reaffirming our 2018 full-year revenue and operating income expectations, and increasing our full-year expectations for earnings per share. We anticipate full-year 2018 revenue of $1.05 to $1.08 billion, which is year-over-year growth of 19% to 22%, operating income of $86 to $96 million, and EPS of $2.15 to $2.40,” said Colin Angle, chairman and chief executive officer of iRobot. “We are off to a very strong start in 2018, and I am very excited about the year ahead. We expect our global business to deliver strong financial performance in 2018 that will fund our ability to reinforce our core product leadership in the RVC category, widen our competitive moat through technological differentiation protected by our IP portfolio, and extend our product portfolio. We believe that consistent execution of this strategy is the most effective way to drive sustainable growth and shareholder value.”