logo
Share SHARE
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
Low-cost airline Allegiant Air announced its order for brand-new aircraft for the first time in its history. The carrier announced on Friday it had reached a deal to purchase 12 current-generation models of Airbus' A320 narrow-body jets. The company termed the deal as "another step towards Allegiant's... Los Angeles City officials have filed criminal charges against Soylent CEO Robert Rhinehart for placing a bright red shipping container on Montecito Heights hillside as part of his "experiment in sustainable living." City Attorney Mike Feuer Friday announced that his office has filed multiple criminal... A new study says that if Hillary Clinton is elected then her proposals will strengthen the U.S. economy and create millions of jobs. According to Moody's Analytics, Hillary Clinton's economic proposal would oversee a "somewhat stronger U.S. economy." The conclusion was reached after assessing her...
comments powered by Disqus
Follow RTT