Categories Earnings, Technology

iRobot stock up 10% after Q3 results beat expectations

Earnings of iRobot Corp (IRBT) rose sharply and topped estimates in the third quarter when the company’s revenues surged to a record high. The stock gained about 10% in after-hours trading following the report. The consumer robots company posted a net profit of $31.93 million or $1.12 per share, up from $22.08 million or $0.76 per share in the third quarter of 2017. Earnings far exceeded the Wall Street’s prediction.

iRobot third quarter 2018 Earnings Infographic
iRobot Corp. Q3 2018 Earnings Infographic

Revenues surged 29% annually to an all-time high of $264.53 million during the three-month period, with contributions from all geographical segments. The top line, which particularly benefitted from the successful launch of two new products, came in above estimates.

“We have delivered very strong results thus far this year. I am very excited about our positioning for the upcoming holiday season and confident in our ability to deliver our increased 2018 financial expectations,” said CEO Colin Angle.

The top line, which particularly benefitted from the successful launch of two new products, came in above estimates

Buoyed by the encouraging results, the management revised up its full-year 2018 revenue guidance to the range of $1.08 billion to $1.09 billion from the previous outlook of $1.06-$1.08 million. Earnings per guidance has been raised to the range of $2.55 to $2.75 from $2.30-$2.50 the company had projected earlier. It also narrowed the operating profit outlook to the range of $92-$96 million.

During the third quarter, the company rolled two innovative vacuum cleaners, claimed to be the most advanced products in that category, which contributed notably to the overall performance.

iRobot shares ended Tuesday’s regular session up 2% and gained further in the after-hours trading. Over the past twelve-month period, the stock gained about 14%, all along outperforming the market.

Get access to timely and accurate verbatim transcripts that are published within hours of the event

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

Add Comment
Viewing Highlight