FONT-SIZE Plus   Neg

IRobot Lifts Q1 Outlook, Names Alison Dean CFO; Stock Gains - Update

Shares of iRobot Corp. (IRBT) gained nine percent in extended session Monday, after the robotics technology company lifted its earnings and sales outlook for the first quarter of 2013, citing impressive growth at its home robot and defense and security business units.

For the first quarter, the company now expects earnings of $0.16 to $0.20 per share on revenues of $102 million to $104 million. Earlier in February, iRobot estimated earnings of $0.00 to $0.07 per share on revenues of $98 million to $102 million.

Analysts on consensus currently expect earnings of $0.02 per share on revenues of $100.36 million for the quarter.

"Strong sell through both domestically and overseas is driving sales of our home robots and our strong Q1 backlog in Defense & Security gives us confidence in achieving these expectations," said CEO Colin Angle.

The company also named Alison Dean as its executive vice president and chief financial officer, effective April 5. Dean succeeds John Leahy, who after four years is quitting to join a late-stage private firm.

Dean joined iRobot in 2005 and has overseen investor relations, financial planning, accounting, and SEC reporting, having served earlier as principal accounting officer.

iRobot has been exuding optimism with regard to its Home Robots business. In February, the company reported a slip to fourth-quarter net loss, hurt by restructuring charges at its Defense & Security business and the inclusion of Evolution Robotics that was acquired in October. The company at the time said its Home Robots business is expected to grow roughly 20 percent this year and comprise 90 percent of total revenue.

Shares of iRobot closed Monday at $22.75, down 0.48%, on the Nasdaq. In after hours, the stock climbed $2.09 or 9.19%.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Volkswagen Australia Wednesday confirmed that more than 91 thousand vehicles sold in Australia were fitted with emission cheating software. Volkswagen brand alone comes to 77,000 cars and 14,000 cars are Audis. In what could be a delectable offering, something is cooking in the brewing industry. Belgian brewer Anheuser-Busch Inbev, which in itself is an outcome of many mergers in the past, has made advances to U.K.'s SABMiller. If AB InBev succeeds in its pursuit, the heady combination of the two could create one of the world's largest brewers. Large U.S. companies are holding trillions of dollars overseas in an effort to avoid U.S. taxes, with big-name firms like Apple (AAPL), Pfizer (PFE) and PepsiCo (PEP) named as notable examples. This is the claim made by a pair of non-profit groups, who released a study based on the firms' financial statements.
comments powered by Disqus
Trade IRBT now with 
Follow RTT