Massachusetts-based iRobot (NSDQ:IRBT) today reported a 34% surge in third-quarter revenue and easily beat analysts’ consensus earnings projections.
The company posted third-quarter profits of $22 million, or 76¢ per share, on revenues of $205.3 million for the three months ended Sept. 30, for a bottom-line gain of 13.21% on sales growth of 21.8% compared with Q3 2016.
Wall Street analysts had projected quarterly earnings of 47¢ on sales of $204.5 million. IRBT shares increased nearly 6% in after-market trading, rising to $79.95 apiece as of about 5pm.
iRobot, which was founded in 1990, develops both consumer, military and industrial robots. It’s well known for its Roomba floor vacuuming robots and Braava family of automatic floor mopping robots. The company employed 607 employees in late 2016, according to a filing with the U.S. Securities and Exchange Commission.
In September, The Robot Report reported that SharkNinja, a well-known marketer of home consumer products, had entered the American robotic vacuum market with a product that is priced to compete against iRobot’s Roomba line of floor cleaners.
SharkNinja’s ION Robot navigates floors and carpets and docks and recharges automatically. It sells at a very favorable price point to iRobot’s.
Tell Us What You Think!