Premier robot manufacturing company iRobot Corporation IRBT revealed that its Defense & Security business segment recently secured various orders from international as well as U.S. clients, valued at $7.2 million in total.
The company will supply certain spare parts and allied equipment, as well as new robots to its customers. The multi-mission 510 PackBot, man-portable 310 SUGV, 710 Kobra and 110 First Look are few of the new robots to be supplied by the company.
iRobot designs and manufactures robots for both domestic and commercial application. The company’s household mobile robots such as Roomba and Scooba are equipped to perform specialized functions like scrubbing floors and vacuum cleaning. Also, iRobot’s military robots have helped increase efficiency of the country’s defense system. The company offers non-imitable, rare and highly differentiated products.
Till date, iRobot has delivered more than 5,000 defense and security robots to civil and military forces around the world. In second-quarter 2015, the company’s Defense & Security segment garnered revenues worth $11.8 million, up significantly from the year-ago tally of $5.1 million. The year-over-year improvement was driven by higher sale of robots and spare parts under the Canadian defense contract secured in third-quarter 2014.
We believe the above-mentioned new orders would serve to augment the company’s revenues in the near future.
Stocks to Consider
iRobot currently has a Zacks Rank #3 (Hold). Better-ranked stocks in the industry include Activision Blizzard, Inc. ATVI, Bright Horizons Family Solutions, Inc. BFAM and Career Education Corp. CECO. All three stocks carry a Zacks Rank #2 (Buy).
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