iRobot Corporation Shares Jump On 87% Profit Growth For Q3

iRobot Corp.

shares jumped 11 percent in Tuesday's extended session after the company beat third-quarter expectations by a significant margin. The Bedford, Mass.-based company, which sells to both consumer and military markets, also boosted its 2014 profit outlook above the average analyst's forecast. For the recent period, iRobot posted earnings of $14.6 million, or $0.48 a share, from $7.8 million, or $0.26 a share last year. Revenue grew 15 percent from $124.5 million a year earlier to $143.5 million. Analysts expected earnings of $0.33 cents a share, on revenue of $134.33 million. Earnings growth of 87 percent for the recent period was driven by so-called home robots, where revenue grew 19 percent. Defense and security products also exceeded expectations and its backlog at Sept. 30 amounted to $25 million, the company said. iRobot forecast 2014 earnings of between $1.20 and $1.25 a share, on revenue of $555 to $565 million. Wall Street expects 2014 earnings of $1.14 a share on revenue of $556.2 million. iRobot shares traded recently at $35.20 a share, up $3.89.