BEDFORD, Mass. - iRobot Corp . (NASDAQ: NASDAQ:IRBT), a leader in consumer robotics, surpassed analysts' expectations for the first quarter of 2024, with an adjusted earnings per share (EPS) of -$1.53, which was $0.34 better than the consensus estimate of -$1.87. IRBT shares are up 5% in aftermarket trading.
Despite a slight dip in revenue to $150 million from $160.3 million in the first quarter of the previous year, the company's financial performance exceeded Wall Street's forecast of $152.74 million.
Glen Weinstein, iRobot's interim CEO until Gary Cohen's recent appointment, credited the company's restructuring plan for its better-than-expected financial results. "We exceeded our financial expectations for the first quarter as our team executed on our restructuring plan to significantly improve iRobot's near-term operations," Weinstein said.
In addition to operational improvements, iRobot has launched new products and completed a workforce reduction by 30%, substantially decreasing operating expenses.
For the second quarter of 2024, iRobot provided guidance for an adjusted EPS range of -$1.81 to -$1.74, compared to analysts' expectations of -$1.38. The company forecasts revenue between $167 million and $172 million, aligning with the consensus estimate of $167.01 million.
Despite facing challenges such as unfavorable currency impacts and timing shifts in product introductions, iRobot remains optimistic about its full-year outlook and expects gross margin improvements later in the year.
Gary Cohen, the newly appointed CEO with a history at Gillette and Timex, expressed confidence in iRobot's innovative legacy and future prospects: "The Company is fortunate to have an incredible team of builders and innovators who are passionate about the robots we create, with customers who truly value our products."
Investors reacted positively to these developments as well as to strategic moves including product launches aimed at expanding market reach with more affordable options like the Roomba Combo Essential robot.
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