iRobot reports Q3 EPS 3c, consensus (6c)

Reports Q3 revenue $193.44M, consensus $218.4M. “We continue to make progress on our turnaround strategy,” said Gary Cohen, iRobot’s (IRBT) CEO. “In the third quarter, we expanded our non-GAAP gross margin by 590 basis points year over year and improved our use of operating cash. However, our overall results did not meet the expectations we set in August, as persistent market segment and competitive headwinds impacted our sell-through performance. Although we now expect it will take more time to stabilize our revenue trend, we are on track to exceed our operating expense targets for the year, while at the same time continuing to invest in areas that are expected to drive growth.”