iRobot Corp. (IRBT) has reported 316.05 percent jump in profit for the quarter ended Apr. 01, 2017. The company has earned $16.36 million, or $0.58 a share in the quarter, compared with $3.93 million, or $0.13 a share for the same period last year.
Revenue during the quarter grew 28.79 percent to $168.47 million from $130.80 million in the previous year period. Gross margin for the quarter expanded 448 basis points over the previous year period to 51.85 percent. Total expenses were 87.16 percent of quarterly revenues, down from 95.77 percent for the same period last year. This has led to an improvement of 862 basis points in operating margin to 12.84 percent.
Operating income for the quarter was $21.64 million, compared with $5.53 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $30.18 million compared with $14.14 million in the prior year period. At the same time, adjusted EBITDA margin improved 710 basis points in the quarter to 17.91 percent from 10.81 percent in the last year period.
"Our first quarter results were outstanding. Building off the strong momentum we experienced during the year-end holidays, iRobot delivered first quarter 2017 consumer revenue growth of 32% due to growth across all regions," said Colin Angle, chairman and chief executive officer of iRobot.
For fiscal year 2017, Irobot Corp projects revenue to be in the range of $780 million to $790 million. The company projects operating income to be in the range of $60 million to $70 million. The company forecasts diluted earnings per share to be in the range of $1.45 to $1.70.
Operating cash flow drops significantlyiRobot Corp. has generated cash of $26.76 million from operating activities during the quarter, down 44.97 percent or $ 21.86 million, when compared with the last year period. The company has spent $3.51 million cash to meet investing activities during the quarter as against cash outgo of $0.41 million in the last year period.
The company has spent $2.06 million cash to carry out financing activities during the quarter as against cash outgo of $12.14 million in the last year period.
Cash and cash equivalents stood at $235.73 million as on Apr. 01, 2017, up 9.14 percent or $19.74 million from $215.99 million on Apr. 02, 2016.
Working capital remains almost stable
iRobot Corp. has witnessed a decline in the working capital over the last year. It stood at $287.93 million as at Apr. 01, 2017, down 0.54 percent or $1.55 million from $289.48 million on Apr. 02, 2016. Current ratio was at 3.88 as on Apr. 01, 2017, down from 5.11 on Apr. 02, 2016.
Cash conversion cycle (CCC) has decreased to 3 days for the quarter from 56 days for the last year period. Days sales outstanding went down to 41 days for the quarter compared with 47 days for the same period last year.
Days inventory outstanding has decreased to 32 days for the quarter compared with 76 days for the previous year period. At the same time, days payable outstanding went up to 70 days for the quarter from 67 for the same period last year.
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