Irobot (NASDAQ:IRBT) is in the news Monday after providing an update to its outlook for the second quarter of the year.
According to an iRobot news release, the company is expecting stronger results than its previous guidance. It says this is due to an increase in customers purchasing its Roomba robot vacuums and Braava robot mops.
The company’s updated outlook has it expecting revenue to range from $260 million and $270 million in Q1 2020. Its previous guidance was for revenue to drop from the $193 million reported in the first quarter of the year. For comparison, Wall Street is estimating revenue of $182.82 million for the quarter.
The iRobot news release doesn’t provide guidance figures for adjusted earnings per share, but the company is hopeful. It says that the positive revenue increase will return it to profitability. IRBT was previously expecting an adjusted loss during the quarter. Analysts’ adjusted losses per share estimates are sitting at 71 cents.
Colin Angle, chairman and CEO of iRobot, said this about the news.
“We have experienced strong demand thus far into the second quarter, particularly in the U.S., with solid growth in our premium products. Maintaining a clean home has become a higher priority for many consumers as COVID-19 has forced people to spend more time in their homes. Our floor cleaning robots have become true partners to millions of customers around the globe, enabling them to keep their homes tidy while freeing them to focus on other priorities, which may now include working from home, childcare and home schooling.”
IRBT stock was up 13.1% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
