IRobot Profit Falls On Tax Expense; Sees Q3 Below Street, Reaffirms FY Outlook

(RTTNews) - iRobot Corp (IRBT), a provider of robotic technology-based solutions, on Tuesday reported second-quarter net earnings of $7.3 million or $0.24 per share compared with $8.5 million or $0.28 per share last year.

Revenues for the quarter were up at $148.8 million compared with $139.8 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.06 per share on revenues of $144.6 million for the quarter. Analysts' estimates typically exclude special items.

Income tax expense in the quarter was higher at $3.8 million compared with $1.2 million last year, resulting in reduced profits, the company said.

"Our second quarter results exceeded our expectations. Home Robot revenue was up slightly over last year while Defense & Security revenue more than doubled," said iRobot CEO Colin Angle.

For the third quarter, the company expects earnings of $0.20 to $0.24 per share on revenues of $143 million to $146 million. Analysts expect earnings of $0.53 per share on revenues of $170.6 million.

For the full year 2015, the company still expects earnings of $1.25 to $1.35 per share on revenues of $625 million to $635 million. Analysts expect earnings of $1.28 per share on revenues of $627.3 million.

"It is always difficult to predict the revenue split between Q3 and Q4 due to the timing and shipment of Home Robot products for the holiday season and the inherent lumpiness in our D&S business. This year we expect second-half revenue to be lower in Q3 and higher in Q4, consistent with last year," CEO Angle saod.