iRobot's Home Robot Business Grows, but Revenue Falls Short
Robotic solutions leader iRobot delivered its third-quarter results after the market closed today, and while Chairman and CEO Colin Angle seemed satisfied with the financials, some income margins were far smaller than they had been during the same quarter in 2012.
iRobot brought in $124.5 million this quarter, down from $126.2 million in last year's Q3. While the company's sales dropped slightly, its cost of revenue went up $3 million compared with last year, making iRobot's operating profit sink to $11 million, 50% lower than what it retained this time in 2012. Net income, meanwhile, was down 48.6% to $11.1 million.
The company's dip in revenue was due to shrinking sales from its contract division, which brought in $1.8 million this quarter, compared with $5.1 million in Q3 2012. Angle said the company "saw strong growth in our Home Robot business" and noted that demand for its products was increasing in both Europe and Asia.
The article iRobot's Home Robot Business Grows, but Revenue Falls Short originally appeared on Fool.com.Fool contributor Caroline Bennett has no position in any stocks mentioned. The Motley Fool recommends iRobot. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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