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Roomba maker iRobot posts narrower Q1 loss

Shares of iRobot Corp. (IRBT) fell nearly 8% in the extended session Tuesday after the marker of Roomba reported a narrower-than-expected adjusted loss in the first quarter and better-than-expected sales, but cast doubt on future sales of its pricey cleaning devices. IRobot said it lost $18 million, or 64 cents a share, in the first quarter, versus a profit of $23 million, or 78 cents a share, in the first quarter of 2019. Adjusted for one-time items, the company lost 32 cents a share, versus a profit of 96 cents a share a year ago. Revenue fell 19% to $192.5 million, the company said. Analysts polled by FactSet had expected iRobot to report an adjusted loss of 42 cents a share on sales of $191 million. "Cleaning products are increasingly top of mind with consumers today, although the uncertain economic environment now facing consumers is likely to weigh heavily on when, where and whether they will buy a new Roomba or Braava robot," the company said in a statement. The company also missed out on demand, saying it was unable to "completely fulfill anticipated first-quarter demand for certain premium robots due to design-driven engineering and supply chain challenges that were unexpectedly complicated by the impact of COVID-19" on itself, contractors and suppliers. The stock ended the regular trading day up 7.1%.

-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com

 

(END) Dow Jones Newswires

04-28-20 1656ET

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