Shares of iRobot Corporation (NASDAQ: IRBT) were up 14.7% as of 11:30 a.m. EDT Wednesday after the home robotics specialist announced strong first-quarter 2017 results.
Quarterly revenue climbed 28.8% year over year, to $168.5 million, and would have climbed 31.8% had it not been for $3 million in revenue from the since-divested Defense & Security (D&S) business. On the bottom line, that translated to net income of $16.4 million, or $0.58 per share, up from $3.9 million, or $0.13 per share in the same year-ago period -- though the D&S divestiture reduced last year's Q1 earnings by $0.12 per share. In any case, iRobot easily outpaced investors' expectations for earnings of $0.27 per share on revenue of $154.6 million.
iRobot's Roomba 980. Image source: iRobot.
"Our first quarter results were outstanding," added iRobot chairman and CEO Colin Angle. "Building off the strong momentum we experienced during the year-end holidays, iRobot delivered first quarter 2017 consumer revenue growth of 32% due to growth across all regions."
Looking forward, iRobot now expects full-year 2017 revenue of $780 million to $790 million (up from previous guidance for $770 million to $785 million), which should result in earnings per share of $1.45 to $1.70 (up from EPS guidance for $1.35 to $1.65 previously).
In the end, this is a straightforward beat and raise from iRobot, and investors have every reason to celebrate its results today.
10 stocks we like better than iRobot When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and iRobot wasn't one of them! That's right -- they think these 10 stocks are even better buys.
Click here to learn about these picks!
*Stock Advisor returns as of April 3, 2017