iRobot Earnings: IRBT Stock Jumps 1% on Stellar Q2 Performance

IRobot (NASDAQ:IRBT) earnings for the maker of Roomba robots’ second quarter of 2020 have IRBT stock on the move Tuesday. This comes after reporting adjusted earnings per share of $1.06. That’s much better than Wall Street’s estimate of 29 cents per share. The company’s revenue of $279.9 million also beats out analysts’ estimates of $265.07 million.

iRobot (IRBT) roomba display
Source: Grzegorz Czapski / Shutterstock.com

Here are some additional highlights from the most recent iRobot earnings report.

  • Adjusted per-share earnings are up 120.8% from 48 cents during the same time last year.
  • Revenue for the quarter comes in 8% from $260.2 million in the second quarter of 2019.
  • Operating income of $70.3 million is a 1226.4% increase year-over-year from $5.3 million.
  • The iRobot earnings report also includes a net income of $58.62 million.
  • That’s a 713% improvement over the company’s net income of $7.21 million from the same period of the year prior.

Colin Angle, chairman and CEO of iRobot, said this about the earnings report.

“Consistent with our business update last month, iRobot delivered a stronger-than-expected second-quarter performance as demand strengthened meaningfully during the quarter. Our top-line results were highlighted by 43% growth in our premium robots.”

IRobot also provides a guidance update in its earnings report. The company is now expecting revenue growth to be flat to up slightly from the previous year. It doesn’t provide numbers for adjusted EPS, but is expecting solid performance for the year.

IRBT stock was up 1.4% after-hours Tuesday.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/07/irobot-earnings-boost-irbt-stock-higher/.

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