iRobot Corp., maker of robotic home appliances and military robots, reported that third quarter 2010 revenue increased 20% to $94.2 million, compared to $78.6 million for the same quarter one year ago.
iRobot saw strong demand in overseas markets, driving a 58% increase in Q3 2010 international home robot revenues, year-over-year. International home robot revenue of $35 million comprised 64% of total home robot revenue in the third quarter.
iRobot's net income in the third quarter of 2010 was $7.0 million, up from $2.6 million in 3Q 2009. Excluding the impact of a one-time tax benefit, net income in the third quarter of 2010 would have been $4.8 million.
"Our financial performance in the third quarter was exceptionally strong following record first-half results. Adjusted EBITDA of $11 million for the quarter increased by 37% to more than 12% of revenue, far exceeding our expectations," said iRobot Chairman and CEO Colin Angle. "Quarterly earnings per share increased by 80% year-over-year, excluding the one-time tax benefit. As a result of outstanding performance by both divisions in the third quarter and good visibility for the rest of 2010, we are once again increasing our full-year financial expectations."
Management expects 4Q revenue of $108 - $113 million and fiscal year 2010 revenue to reach $395-$400 million.
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