iRobot Q2 Net Climbs as Home Robots Drive Sales
Posted on July 24, 2013 by
BEDFORD, Mass.-Strong results from home robot sales throughout the world propelled iRobot to a 12.5 percent gain in second-quarter net income, to $8.3 million.
Net revenue for the quarter, which ended on June 29, jumped 17 percent, with the key drive coming from product sales, which rose 18.8 percent. iRobot reported growth in domestic revenue of 26 percent, along with growth in international markets of 18 percent.
The gains in revenue offset both a decline in gross margin and an increase in operating expenses. Gross margin was down 13 basis points to 47.3 percent. Operating expenses (totaling selling, marketing, general, administrative, research and development) increased 27.3 percent in dollars and 334 basis points as a percentage of sales, to 41.2 percent.
Colin Angle, iRobot's chairman and CEO, said the company expects full-year revenue to total between $485 million and $495 million. "Our strong second-quarter results, driven by our home robot business, give us confidence that we will achieve our full-year expectations," Angle said.