iRobot Corporation (IRBT +0.00%) reported fourth-quarter results this afternoon, exceeding analysts' estimates on both revenue and earnings per share. Shares fell 5% during after-hours trading, however, as iRobot's forward earnings guidance came in below expectations.
The robotics specialist saw fourth quarter sales rise 25.4% year over year to $126.3 million, driven largely by continued strength in domestic Home Robot sales which increased 30% for the year. Meanwhile, iRobot's fourth-quarter net income came in at $0.11 per share. Analysts, on average, were modeling earnings of just $0.10 per share on sales of $125.5 million.
In addition, adjusted EBITDA came in at $12.8 million, or roughly 10.1% of revenue.
For 2014, iRobot expects revenue to increase roughly 16% year-over-year to a range of $560 million to $570 million, with earnings per share between $1.00 and $1.15. By contrast, analysts were projecting 2014 earnings of $1.14 per share on lower revenue of $555.27 million.
CEO Colin Angle weighed in, "2013 was a great year for iRobot. Our Home Robot business increased 20 percent over 2012, driven by growth in both domestic and overseas markets. All three of our businesses met our expectations and made significant progress against their strategic plans, setting us up well for 2014."
