IRobot Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Effective Tax Rate, Before Discrete Items Guidance for the Third Quarter Ending September 29, 2018; Revises Earnings Guidance for the Fiscal Year Ending December 29, 2018
July 24, 2018 at 04:01 pm EDT
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iRobot Corp. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported revenue of $226,317,000 against $183,148,000 a year ago. Operating income was $13,355,000 against $4,088,000 a year ago. Income before income taxes was $14,862,000 against $5,774,000 a year ago. Net income was $10,471,000 or $0.37 per diluted share against $7,903,000 or $0.27 per diluted share a year ago. EBITDA was $23,556,000 against $10,530,000 a year ago. Adjusted EBITDA was $30,910,000 against $16,547,000 a year ago.
For the six months, the company reported revenue of $443,385,000 against $351,615,000 a year ago. Operating income was $38,760,000 against $25,726,000 a year ago. Income before income taxes was $40,786,000 against $27,415,000 a year ago. Net income was $30,872,000 or $1.08 per diluted share against $24,262,000 or $0.85 per diluted share a year ago. Net cash provided by operating activities was $26,319,000 against $32,790,000 a year ago. Additions of property and equipment were $14,284,000 against $13,272,000 a year ago. Purchases of investments were $6,438,000 against $7,034,000 a year ago. EBITDA was $57,897,000 against $35,274,000 a year ago. Adjusted EBITDA was $73,627,000 against $46,724,000 a year ago.
For the third quarter ending September 29, 2018, the company expects effective tax rate, before discrete items to be in the range of 24-26%.
For the fiscal year ending December 29, 2018, the company expects revenue in range of $1.06 - $1.08 billion compared to prior guidance of $1.05 - $1.08 billion; operating income in range of $90 - $96 million compared to prior guidance of $86 - $96 million; and earnings per share in range of $2.30 - $2.50 per share compared to prior guidance of $2.15 - $2.40 per share. The company now expects gross margin for the year to be at the high end of previously provided range of 50% to 51%. The company expects effective tax rate, before discrete items to be in the range of 24-26%.
iRobot Corporation is a global consumer robot company. The Company designs, builds, sells and supports durable robots through the integration of software, electronics and hardware. Its portfolio of home robots and smart home devices features technologies for the connected home and advanced concepts in cleaning, mapping and navigation, human-robot interaction and physical solutions. Its products include Roomba Combo, Roomba, Braava, Braava jet and Root. It offers the Braava family of automatic floor mopping robots, which are designed for hard-surface floors. It also sells Roomba accessories and consumables, including the Clean Base Automatic Dirt Disposal, replacement dirt disposal bags for the clean base, filters, brushes and batteries. It also provides ongoing customer service and support through the iRobot HOME App. The Company offers its products through distributor and retail sales channels, as well as the online store on its Website and through its Home App.
IRobot Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Effective Tax Rate, Before Discrete Items Guidance for the Third Quarter Ending September 29, 2018; Revises Earnings Guidance for the Fiscal Year Ending December 29, 2018