Categories Earnings, Technology

iRobot stock tanks after reporting Q1 earnings results; sales miss estimates

iRobot Corp. (Nasdaq: IRBT) reported first quarter 2019 earnings results after the bell today. The consumer robot company posted adjusted EPS of $0.96 on revenue of $237.7 million. Analysts had estimated the company to post earnings of $0.59 per share on revenue of $251.4 million. iRobot stock plunged about 10% during the after hours trading as it missed sales estimates.

On a GAAP basis, earnings stood at $0.78 per share compared with $0.71 in the first quarter of 2018. Non-GAAP EPS decreased to $0.96 in Q1 2019 from $1.04 in the first quarter of 2018.

Revenue grew 7% in the US region and 12% internationally over Q1 2018. iRobot said that the two new product introductions are on schedule for launch in the second quarter.

iRobot Q1 2019 earnings results

iRobot maintained its full-year 2019 revenue and operating income outlook and lifted EPS guidance to reflect the $0.14 favorable tax impact recorded in Q1 that was previously un-forecasted. For 2019, the company anticipates revenue to be $1.28 billion to $1.31 billion, operating income of $108 million to $118 million, and EPS of $3.15 to $3.40.

“Domestic sell-through was strong, and demand for i7/i7+ exceeded our expectations despite the price increase we implemented on January 1st in the United States. 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 Q2 revenue growth in the high teens year-over-year,” said CEO Colin Angle.

iRobot stock almost neared its 52-week high ($132.88) when it reached the day’s high ($132.30) today. The stock, which went up 1.43% at $130.57 when the market closed today, had gained 56% so far in this year and jumped 118% in the past 12 months.

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