iRobot margins indicate consumers embracing connected home products, analyst says
If you’re wondering if robots are gaining traction, go no further than the latest financial results from iRobot Corp (NASDAQ:IRBT).
The Bedford, Massachusetts, company reported this week that its gross margin widened in 2018 to 51% from 49% a year earlier. Sales of the Roomba robotic vacuum models helped drive annual revenue above $1 billion for the first time.
“The company is defining what a smart home will look like as it expands upon its ecosystem of connected robots and technologies,” said Lisa Chai, senior research analyst at ROBO Global, the Dallas-based index, advisory and research company that created the ROBO Global Robotics & Automation Index.
READ: iRobot surges after reporting 4Q results that beat Wall Street estimates
iRobot Corp rallied Thursday a day after reporting fourth-quarter results that beat Wall Street estimates.
For the three months ended December 29, it posted earnings per share of $0.88 on record revenue of $385 million. The average estimate of analysts was for earnings per share of $0.50 on an expected revenue of $381.26 million.
Demand for its Roomba i7 and i7+ robot vacuums drove holiday sales in the US, according to the company. Last month, the company introduced the Terra robot mower.
For 2019, the company expects revenue of $1.28 billion-$1.31 billion, which would represent year-over-year growth of 17%-20%.
‘Very excited’
“We are very excited about our 2018 performance and the opportunities that lie ahead,” Chairman and CEO Colin Angle said in a statement.
Shares of the company slipped 0.3% to $97.75 in Friday’s premarket trading.
iRobot is a component of the ROBO Global Robotics & Automation Index, the world’s first benchmark index tracking global companies focusing on robotics, automation and artificial intelligence.
The ROBO Global Robotics & Automation Index ETF (NYSEARCA:ROBO) slipped 0.4% to $36.40 in Friday’s premarket trading.
Contact Dennis Fitzgerald at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/214281/irobot-margins-indicate-consumers-embracing-connected-home-products-analyst-says-214281.html
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