iRobot Corp. (NASDAQ: IRBT) reported its most recent quarterly results after the markets closed on Tuesday. The firm said that it had $2.58 in earnings per share (EPS) and $413.1 million in revenue, versus consensus estimates that called for $0.97 in EPS and revenue of $312.44 million. The third quarter of last year reportedly had EPS of $1.50 on $289.4 million in revenue.
During the latest quarter, revenues increased 43% year over year, primarily reflecting an 86% increase in premium robot revenue, as well as 36% overall unit growth.
iRobot shipped 1.35 million vacuum units and 184,000 mopping units in the third quarter, reflecting year-over-year increases of 38.9% and 18.0%, respectively. In terms of the revenue breakdown, Vacuum revenues increased 43.6% to $369 million and Mopping revenues increased 37.5% to $44 million.
Management commented that consumer demand for the premium Roomba and Braava robots remained strong during the third quarter. The firm also made tangible progress to further differentiate its product offerings and extend high-value innovation across its product portfolio with the launch of the Genius Home Intelligence platform and the new Roomba i3 and i3+ during the third quarter.
On the books, iRobot cash, cash equivalents and short-term investments totaled $357.3 million at the end of the quarter, up from $256.4 million at the end of the previous fiscal year.
Looking ahead to the 2020 fiscal full year, the company expects to see EPS in the range of $3.43 to $3.53 and revenue between $1.365 billion and $1.375 billion. Analysts are calling for $2.53 in EPS and $1.23 billion in revenue for the year.
iRobot stock traded down 16% to $80.95 on Wednesday, in a 52-week range of $32.79 to $98.55. The consensus price target is $82.00.
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