Founded in 1990 by MIT roboticists,
iRobot Corporation ( is headquartered in Bedford, Mass. They also have offices in California, UK, China, Hong Kong and Japan. IRBT - Free Report)
The company is a leader in consumer home robotics, including the Roomba Vacuuming Robot and the Braava family of mopping robots.
Excellent Results, Raised Guidance
The robot maker reported excellent results for Q1 2017. Adjusted earnings were $0.52 per share, beating the Zacks Consensus Estimate of $0.26.
Revenues came in at $168.5 million, also ahead of the estimates and up 28.8% year over year.
"Our first quarter results were outstanding. 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," said the CEO.
After strong results and bullish outlook for the rest of 2017, the management increased their FY 2017 guidance. They now expect 2017 revenue of $780 to $790 million and EPS of between $1.45 and $1.70.
Analysts have been raising estimates for the company after better than expected results and guidance. Zacks Consensus Estimates for the current and next year have increased to $1.64 per share and $2.44 per share from $1.53 and $2.29, before the results.
The Bottom Line
The company is a leader in robotic vacuum market globally. With rising awareness about these smart appliances and continuous innovations, they are able to maintain their market share despite rising competition.
iRobot is also a rising player in the Internet of Things/Smart Home market. The sale of their connected devices is expected to rise significantly in the coming years.
In addition to a top Zacks rank, the stock has a style score of “A” for momentum as well as growth. It has an expected EPS growth rate of 22%.
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