iRobot Presents Its Fourth Quarter And Full Year Financials
iRobot Corporation (IRBT), a leading company manufacturing robotic technology-based solutions and systems has presented its fourth quarter and full year financials ending December 31, 2011. Revenue for the fourth quarter of 2011 was at $131 million which is 15 percent higher than its previous year’s fourth quarter revenue of $114 million, while revenue for the full year was pegged at $466 million which is 16 percent higher than its previous year’s $401 million figure.
Net income for the fourth quarter of 2011 was seen at $11 million, which is a considerable improvement (nearly 50%) from the previous year’s Q4 net income of $7 million. On the not so bright side was full year’s net income, placed at $40.2 million only, compared to 425.5 million for the year 2010. This, and also the fact that iRobot missed quarterly estimates for revenue (the expectations were $134 million, some 3% higher than the actual figure), has caused a downgrade of the stock by several major analysts.
Colin Angle, the company’s Chairman and CEO, said that the 2011 financial results were exceptional on all fronts, with its Home Robots division responsible for majority of its success. Management feels elated on the growth opportunities presented to the company in 2012 and it is focused on implementing its intermediate and longer term opportunities prospectively.
iRobot is in the business of designing and building robots that make a difference in society as a whole. Its robots are made to provide better opportunities to clean, with its government and industrial robots aimed at protecting human users.