We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
iRobot Corporation (IRBT - Free Report) recently offered an update on key operational metrics and reiterated its guidance for 2024. Concurrently, the company also provided an outlook for the first quarter of 2024 (ending Mar 30, 2024).
For the first quarter of 2024, the company expects revenues in the range of $137-$142 million, indicating a year-over-year decrease of 12.8% at the midpoint. The gross margin is anticipated to be 22-23% for the quarter and the adjusted gross margin is expected to be 23-24%. iRobot expects operating income in the range of $7-$11 million while the adjusted operating loss is anticipated to be $47-$43 million. For the first quarter, IRBT expects a net loss of 22-9 cents per share. Adjusted loss is anticipated to be $2.13-$2.00 per share, indicating a year-over-year increase of 5.4% at the midpoint.
For 2024, iRobot expects revenues in the range of $825-$865 million, indicating a year-over-year decrease of 5.2%. The gross margin is slated to be 31-33% for the year and the adjusted gross margin is expected to be 32-34%. The company expects operating loss in the range of $41-$29 million and the adjusted operating loss is anticipated to be $58-$46 million. For 2024, IRBT expects a net loss of $3.13-$2.70 per share. Adjusted loss is anticipated to be $3.73-$3.30 per share, indicating a year-over-year decrease of 54.5% at the midpoint.
iRobot expects revenues to decrease in the high teens-low 20s percentage range, year over year, in the first half of 2024 while in the second half the company anticipates revenues to increase in the mid-single-digit percentage range on a year-over-year basis. Also, driven by the initiatives taken by the company, IRBT expects the gross margin to improve in the second half of 2024.
Highlights of Q4 2023 Earnings
iRobot reported a fourth-quarter 2023 adjusted loss of $2.28 per share. The quarterly loss compares favorably with the year-ago quarter’s number. The company generated revenues of $ 307.5 million in the fourth quarter. On a year-over-year basis, revenues decreased 14.1%.
Price Performance
In the past year, the IRBT stock has plunged 75.6% compared with the industry’s 1.9% decline.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
iRobot currently carries a Zacks Rank #3 (Hold). Some better-ranked companies from the Industrial Products sector are discussed below:
ATMU’s earnings estimates have increased 2.9% for 2024 in the past 60 days. Shares of Atmus Filtration have risen 13.4% in the past year.
Tetra Tech, Inc. (TTEK - Free Report) currently carries a Zacks Rank #2 (Buy). It delivered a trailing four-quarter average earnings surprise of 14.4%.
In the past 60 days, the Zacks Consensus Estimate for TTEK’s fiscal 2024 earnings has increased 2.9%. The stock has soared 37.2% in the past year.
Applied Industrial Technologies, Inc. (AIT - Free Report) presently has a Zacks Rank of 2. It has a trailing four-quarter average earnings surprise of 10.4%.
The Zacks Consensus Estimate for AIT’s fiscal 2024 earnings has increased 1.7% in the past 60 days. The stock has gained 35.9% in the past year.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
iRobot (IRBT) Provides Q1 FY24 Outlook, Restates FY24 View
iRobot Corporation (IRBT - Free Report) recently offered an update on key operational metrics and reiterated its guidance for 2024. Concurrently, the company also provided an outlook for the first quarter of 2024 (ending Mar 30, 2024).
For the first quarter of 2024, the company expects revenues in the range of $137-$142 million, indicating a year-over-year decrease of 12.8% at the midpoint. The gross margin is anticipated to be 22-23% for the quarter and the adjusted gross margin is expected to be 23-24%. iRobot expects operating income in the range of $7-$11 million while the adjusted operating loss is anticipated to be $47-$43 million. For the first quarter, IRBT expects a net loss of 22-9 cents per share. Adjusted loss is anticipated to be $2.13-$2.00 per share, indicating a year-over-year increase of 5.4% at the midpoint.
For 2024, iRobot expects revenues in the range of $825-$865 million, indicating a year-over-year decrease of 5.2%. The gross margin is slated to be 31-33% for the year and the adjusted gross margin is expected to be 32-34%. The company expects operating loss in the range of $41-$29 million and the adjusted operating loss is anticipated to be $58-$46 million. For 2024, IRBT expects a net loss of $3.13-$2.70 per share. Adjusted loss is anticipated to be $3.73-$3.30 per share, indicating a year-over-year decrease of 54.5% at the midpoint.
iRobot expects revenues to decrease in the high teens-low 20s percentage range, year over year, in the first half of 2024 while in the second half the company anticipates revenues to increase in the mid-single-digit percentage range on a year-over-year basis. Also, driven by the initiatives taken by the company, IRBT expects the gross margin to improve in the second half of 2024.
Highlights of Q4 2023 Earnings
iRobot reported a fourth-quarter 2023 adjusted loss of $2.28 per share. The quarterly loss compares favorably with the year-ago quarter’s number. The company generated revenues of $ 307.5 million in the fourth quarter. On a year-over-year basis, revenues decreased 14.1%.
Price Performance
In the past year, the IRBT stock has plunged 75.6% compared with the industry’s 1.9% decline.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
iRobot currently carries a Zacks Rank #3 (Hold). Some better-ranked companies from the Industrial Products sector are discussed below:
Atmus Filtration Technologies Inc. (ATMU - Free Report) presently sports a Zacks Rank #1 (Strong Buy) and a trailing four-quarter earnings surprise of 20.3%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
ATMU’s earnings estimates have increased 2.9% for 2024 in the past 60 days. Shares of Atmus Filtration have risen 13.4% in the past year.
Tetra Tech, Inc. (TTEK - Free Report) currently carries a Zacks Rank #2 (Buy). It delivered a trailing four-quarter average earnings surprise of 14.4%.
In the past 60 days, the Zacks Consensus Estimate for TTEK’s fiscal 2024 earnings has increased 2.9%. The stock has soared 37.2% in the past year.
Applied Industrial Technologies, Inc. (AIT - Free Report) presently has a Zacks Rank of 2. It has a trailing four-quarter average earnings surprise of 10.4%.
The Zacks Consensus Estimate for AIT’s fiscal 2024 earnings has increased 1.7% in the past 60 days. The stock has gained 35.9% in the past year.