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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

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