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Apr 03, 2021
iRobot Q1 2021 Earnings Report
Reported stronger-than-expected profitability and EPS performance, underpinned by 58% revenue growth.
Key Takeaways
iRobot Corp. announced strong first-quarter results with a 58% increase in revenue compared to the previous year. The company's performance was driven by resilient consumer demand and successful execution of its strategic initiatives. iRobot has increased its expectations for 2021 revenue, while reaffirming its operating income and EPS targets due to higher-than-expected costs.
First-quarter revenue grew by 58% to $303.3 million, compared to $192.5 million in the first quarter of 2020.
GAAP operating income was $6.4 million, a significant improvement from the GAAP operating loss of $20.2 million in the same quarter last year.
GAAP net income per share was $0.26, compared to a net loss per share of $0.64 in the first quarter of 2020.
Cash, cash equivalents, and short-term investments totaled $500.8 million as of April 3, 2021.
iRobot
iRobot
iRobot Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
iRobot has increased its expectations for 2021 revenue to reflect its first-quarter performance and solid growth prospects. The company reaffirmed its 2021 operating income and EPS, planning to manage spending to offset higher-than-expected costs from semiconductor chip availability and rising raw material, freight, and transportation costs.
Positive Outlook
- Increased expectations for 2021 revenue.
- Solid growth prospects over the coming quarters.
- Potential to deliver upside to current targets, assuming favorable demand signals.
- Successful mitigation of semiconductor chip constraints.
- Ability to capitalize on opportunities to sustain top-line growth.
Challenges Ahead
- Higher-than-expected costs arising from tighter availability of semiconductor chips.
- Rising raw material costs.
- Rising freight costs.
- Rising transportation costs.
- Substantial work ahead to achieve targets.