iRobot: home robots drive the growth in the third quarter

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IROBOT CORP. LOGO“I am pleased to report an outstanding third quarter, with results that exceeded our expectations, as a number of orders, in both Home and D&S, originally expected in Q4 were received and delivered in Q3. Home Robot growth drove total company revenue growth of 15 percent in Q3. Revenue in our Defense & Security business exceeded our expectations for the third quarter, and we exited Q3 with $25 million in backlog”. Colin Angle, chairman and chief executive officer of iRobot, commented the results of the third quarter with this words. Revenue for the Q3 2014 was $143.5 million, compared with $124.5 million for the same quarter one year ago, net income was $14.6 million ($7.8 million in the third quarter of 2013) and adjusted EBITDA was $29.7 million ($17.2 million in the same quarter of 2013). In particular, domestic growth of 31 percent, coupled with international revenue growth of 13 percent, fueled a 19 percent year-over-year increase in Home Robot revenue. “Based on our visibility into the fourth quarter – Colin Angle concluded – we are maintaining our full-year revenue expectations and increasing our EPS and adjusted EBITDA expectations. We continue to expect revenue to be $555 to $565 million. We now expect EPS of between $1.20 and $1.25 and adjusted EBITDA of $77 to $80 million, or roughly 14 percent of revenue”.