{"id":519390,"date":"2021-07-28T16:36:44","date_gmt":"2021-07-28T20:36:44","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/irobot-reports-second-quarter-2021-financial-results\/"},"modified":"2021-07-28T16:36:44","modified_gmt":"2021-07-28T20:36:44","slug":"irobot-reports-second-quarter-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/irobot-reports-second-quarter-2021-financial-results\/","title":{"rendered":"iRobot Reports Second-Quarter 2021 Financial Results"},"content":{"rendered":"
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Second-Quarter Revenue Grew 31% Despite Supply Chain Challenges;<\/h2>\n

Company Updates Full-Year 2021 Outlook Due to Semiconductor Chip Shortage;<\/h2>\n

Company Announces Plans to Execute a $100 million Accelerated Share Repurchase<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n BEDFORD, Mass.<\/span>, July 28, 2021<\/span> \/PRNewswire\/ —\u00a0iRobot Corp. (NASDAQ: IRBT), a leader in consumer robots, today announced its financial results for the second quarter ended July 3, 2021<\/span>. <\/p>\n

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\n \"iRobot
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\n Colin Angle<\/span>, chairman and chief executive officer of iRobot, stated, “We delivered a solid second-quarter financial performance as we navigated an increasingly challenging supply chain environment. Our results were generally in line with our plans entering the quarter despite $17 million<\/span> in orders that we could not fulfill due to COVID-related disruptions to shipping activities in southern China<\/span> in late June. Revenue grew 31% over last year’s second quarter primarily due to strong orders for our mid-tier and premium floor cleaning robots from retailers in North America<\/span> and from our retail and distribution partners across EMEA.” <\/p>\n

“Overall, retailer demand trends and consumer interest in our products remain favorable,” continued Angle. “However, the semiconductor chip shortage, which continues to disrupt a wide range of industries, is constraining our ability to fulfill anticipated second-half orders. To manage through this short-term turbulence, we are focused on carefully managing channel and product mix, adjusting promotional activities, qualifying new alternative suppliers, optimizing inventory levels and reducing our second-half spending plans. As we balance investing for the future with cost management discipline, we anticipate that our second-half profitability will be aided by the expected reinstatement of a tariff exclusion covering all of 2021. Accordingly, we have updated our 2021 outlook to reflect these and other dynamics.” <\/p>\n

Angle concluded, “Despite this temporary supply chain headwind, we remain confident in our strategic direction. Although visibility is limited right now, we believe our efforts to enhance our supply chain resiliency will help lead to improved availability of components starting in the beginning of next year and steadily strengthen as we move into the second half of 2022. With household penetration still low, a growing global connected customer base and many exciting growth initiatives now underway or in the advanced planning stages, we believe that our exit trajectory for the second half of 2022 in combination with continued strategic progress will set the stage for sustaining solid annual top-line expansion that can be converted into improving double-digit operating profit margins, substantial EPS growth, and robust operating cash flow generation. Our upcoming plan to execute a $100 million<\/span> Accelerated Share Repurchase agreement demonstrates our confidence in our strategic direction and in our ability to capitalize on the exciting opportunities that lie ahead.”<\/p>\n

\n Financial Performance Highlights<\/b>\n <\/p>\n