Robot maker iRobot swings to 2nd-quarter profit on consumer, government sales; shares climb

Robotics company iRobot swings to 2Q profit

BEDFORD, Mass. — Robot maker iRobot Corp. on Wednesday said it swung to a second-quarter profit as revenue from robots for home and government use rose significantly.

The company also projected 2010 income well above analyst estimates, sending its shares sharply higher in aftermarket activity.

The company reported quarterly net income of $5.3 million, or 20 cents per share, compared with a year-ago loss of $2.6 million, or 10 cents per share.

Revenue rose 59 percent to $98 million, helped by strong international sales of robots used in the home and a gain in products sold to government and industrial customers.

Analysts surveyed by Thomson Reuters expected second-quarter net income of 8 cents per share on revenue of $92 million.

For all of 2010, the company expects net income between 51 cents and 54 cents per share on revenue of $385 million to $390 million. Analysts project income of 44 cents per share on revenue of $380.6 million.

The company projected third-quarter income of 5 cents to 6 cents per share on revenue of $91 million to $94 million. Analysts predict income of 7 cents per share on revenue of $93.2 million.

Shares of iRobot fell 93 cents, or 4.5 percent, to close at $19.41, but they rebounded $2.59, or 13.3 percent, to $22 in extended trading. The stock has ranged from $10.21 to $22.05 over the past year.