iRobot Trounces Wall Street on Strong Earnings
iRobot reported fiscal 2014 first-quarter earnings after the market closed today that beat Wall Street's expectations. For the period ended March 29, iRobot generated a profit of $0.18 per share, which was $0.02 better than analyst estimates for the period. First-quarter revenue also came in ahead of forecasts, with iRobot generating revenue of $114.2 million, up from just $106.2 million in the year-ago period. That topped Wall Street's estimate for quarterly revenue of $112 million.
These results were driven by strong sales in its consumer-robots business, which grew 17% year over year. The robotics company also launched new home bots during the quarter, including its new Roomba 880 and Scooba 450 device. "We kicked off 2014 with an excellent quarter," said Colin Angle, iRobot's chief executive. "The results and outlook for our Home Robot business are excellent."
Looking ahead, management says the company is on track to achieve full-year revenue in the range of $560 to $570 million, and earnings per share of between $1.00 to $1.15. Shares of iRobot have gained nearly 12% year to date, and currently trade around $39.
The article iRobot Trounces Wall Street on Strong Earnings originally appeared on Fool.com.Tamara Rutter owns shares of iRobot. The Motley Fool recommends iRobot. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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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