iRobot shares drop despite raised year revenue view
Robot vacuum cleaner pioneer iRobot this afternoon reported Q1 revenue and profit that topped Wall Street's outlook, and raised its outlook for revenue for the full year.
The report sent iRobot shares down 8% in late trading.
As it had in prior quarters, iRobot offered an estimate for how much of its sales were via e-commerce channels, including its own Web site and app. That percentage was 56% last quarter, down from 60% to 70% in prior quarters, but still up 90%, year over year.
CEO and chairman Colin Angle remarked that the company was "off to a very good start to 2021," adding that "consumer demand for our products has remained resilient and our value proposition to provide customers with a highly differentiated, personalized cleaning experience has continued to resonate around the world."
Angle said the company was making progress on what it calls its iRobot Genius platform, and had expanded its "connected customer base," while introducing new complementary products new services.
Revenue in the three months ended in March rose 58% year over year, to $303.26 million, yielding a net profit of 41 cents a share.
Analysts had been modeling $268 million and 9 cents per share.
For the full year, the company raised its outlook for revenue to a range of $1.67 billion to $1.71 billion, up from a prior forecast for $1.635 billion to $1.675 billion offered back in February. The company maintains its outlook for EPS of $3 to $3.25.
That compares to consensus of $1.65 billion and $3.24 per share.