Logitech Q1 Profit Beats View; Lifts FY Outlook

(RTTNews) - Logitech International (LOGI) reported that its first-quarter net income rose to $72.07 million or $0.42 per share from $45.35 million or $0.27 per share in the prior year.

Non-GAAP earnings per share grew 64 percent to $0.64, from $0.39 in the same quarter a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share for the quarter. Analysts' estimates typically exclude special items.

Operating income grew 76 percent to $83 million from $47 million in the same quarter a year ago.

Quarterly sales were $792 million, up 23 percent in US dollars and 25 percent in constant currency, compared to the prior year. Analysts expected revenue of $690.83 million for the quarter.

The company raised its fiscal year 2021 annual sales outlook to a range of 10 - 13 percent growth in constant currency from the previous outlook of mid single-digit sales growth.

The company also raised its annual outlook for non-GAAP operating income to a range of $410 million - $425 million from the prior estimation of $380 million - $400 million.