iRobot revenue was $413 million in Q3 2020, a 43% rise from prior year quarter’s $289.4 million, according to company’s press release. Q3 results reflect strong orders as consumers worldwide increasingly relied on Roomba and Braava to keep their floors clean during the pandemic. iRobots expects to exceed originally set 2020 targets.
- Stronger-than-expected orders from retailers tied to favorable sell-through trends, demand expectations on the upcoming holiday, customer events, and robust direct-to-consumer sales growth.
- Online orders grew by about 70% and comprised 60% of the company’s quarterly revenue.
- Revenue grew in each geographical area, with the U.S. leading at 75% growth.
- Q3 2020 GAAP operating income was $81.0 million, a rise from $42.6 million in the comparable 2019 quarter.
- GAAP net income per share was $3.27 for Q3 2020, up from $1.24 in the 2019 comparable quarter.
- Cash and cash equivalents of the company as of September 26, 2020, was $357.3 million, up from $256.4 million comparable period last year.
iRobots stock is declining. IRBT: NASDAQ is down on premarket 3.99%