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Sep 26, 2020
iRobot Q3 2020 Earnings Report
Reported strong financial results driven by increased consumer reliance on Roomba and Braava.
Key Takeaways
iRobot reported a strong Q3 2020 with revenue of $413.1 million, a 43% increase year-over-year. The company's performance was driven by increased demand for premium robots and robust direct-to-consumer sales growth. As a result, iRobot expects to exceed its original 2020 targets.
Revenue for the third quarter of 2020 was $413.1 million, an increase of 43% from $289.4 million in the third quarter of 2019.
Third-quarter 2020 GAAP operating income was $81.0 million, compared with GAAP operating income of $42.6 million in the third quarter of 2019.
GAAP net income per share was $3.27 for the third quarter of 2020, compared with GAAP net income per share of $1.24 in the third quarter of 2019.
The United States Trade Representative extended iRobot’s Section 301 tariff exclusion for its Roomba® robot vacuums until the end of 2020.
iRobot
iRobot
iRobot Revenue by Geographic Location
Revenue by Geographic Location
United States Revenue
CapyFin.com Forward Guidance
iRobot expects to deliver strong full-year 2020 results with annual revenue, gross margin, operating profitability and EPS all on course to exceed original 2020 targets.
Positive Outlook
- Annual revenue is expected to be between $1.365 billion and $1.375 billion.
- Gross profit is expected to be between $649 million and $657 million.
- Operating income is expected to be between $127 million and $132 million.
- Earnings per share is expected to be between $4.52 and $4.62.
- Tariff exclusion extended until year-end
Challenges Ahead
- Gross profit Non-GAAP is expected to be between $613 million and $621 million.
- Operating income Non-GAAP is expected to be between $125 million and $130 million.
- Earnings per share Non-GAAP is expected to be between $3.43 and $3.53.
- The impact of COVID-19 on our business, the industry and markets in which we operate, and the global economy
- The financial strength of our customers and retailers