iRobot Corp. (IRBT) Tops Q3 EPS by 27c; Issues Mixed Outlook

October 25, 2016 4:08 PM EDT
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iRobot Corp. (NASDAQ: IRBT) reported Q3 EPS of $0.70, $0.27 better than the analyst estimate of $0.43. Revenue for the quarter came in at $168.6 million versus the consensus estimate of $156.96 million.

GUIDANCE:

iRobot Corp. sees Q4 2016 EPS of $0.36-$0.44, versus the consensus of $0.60. iRobot Corp. sees Q4 2016 revenue of $202-207 million, versus the consensus of $204.73 million.

iRobot Corp. sees FY2016 EPS of $1.36-$1.44, versus the consensus of $1.32. iRobot Corp. sees FY2016 revenue of $650-655 million, versus the consensus of $641.4 million.

"Our third-quarter performance was outstanding. We delivered revenue and profitability exceeding our expectations. Based on our Q3 results and the excellent momentum we have going into the holiday season, created by our successful marketing programs, we are increasing our full-year financial expectations for the second quarter in a row. We now expect fiscal 2016 revenue of $650 to $655 million, Net Income of between $38 and $41 million, EPS of between $1.36 and $1.44, and Adjusted EBITDA of $88 to $92 million. These expectations reflect our increased confidence that 2016 growth in the United States, of more than 25%, will drive total consumer revenue growth of approximately 15% for the full year," said Colin Angle, chairman and chief executive officer of iRobot.

"As we have said previously, the revenue split between Q3 and Q4 is always difficult to predict due to the timing and shipment of consumer products for the holiday season. This year, our new partner in China requested Q3 delivery of some Braava jet and Roomba orders that we were expecting to ship in Q4. This resulted in higher than anticipated consumer revenue and profitability in Q3.

"We are very excited about our results year-to-date and the outlook for the fourth quarter as our successful marketing programs continue to drive demand generation in the U.S. and overseas. It is very satisfying that, in this transformative year, our current full-year expectations are well above those we provided in February."

For earnings history and earnings-related data on iRobot Corp. (IRBT) click here.



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