Headwinds and disruptions impacted iRobot’s first quarter, although the loss by the maker of robotic cleaning appliances was less than Wall Street expected.
Net loss was $21.5 million, or 62 cents per diluted share, versus a net loss of $6.4 million, or 21 cents per diluted share, in the year-previous quarter. Adjusted for one-time events, net loss was $8 million, or 23 cents per diluted share, versus net income of $1 million, or three cents per diluted share, in the year-before period.
A MarketBeat-published analyst consensus estimate anticipated a loss of 65 cents per adjusted diluted share and revenue of $136 million.
Revenue was $145.8 million versus $193.4 million in the year-prior quarter. Operating loss was $17.7 million versus operating income of $7.3 million in the year-earlier period, while adjusted operating loss was $9.9 million versus adjusted operating income of $15.1 million.
iRobot reported it is engaged in a strategic review process.
“Our third-quarter revenue fell well below our internal expectations due to continuing market headwinds, ongoing production delays and unforeseen shipping disruptions,” said Gary Cohen, iRobot CEO. “This shortfall increased cash usage and pressured profitability, as we were unable to fully leverage our fixed cost base.”
