Logitech Q2 Results Top View; Lifts FY21 Outlook

(RTTNews) - Logitech International (LOGI) reported that its net income for the second quarter of fiscal year 2021 increased to $266.91 million or $1.56 per share from $72.93 million or $0.43 per share in the prior year.

Quarterly non-GAAP earnings per share grew 274 percent to $1.87 from $0.50 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.57 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the second-quarter were $1.26 billion, up 75 percent in US dollars and 73 percent in constant currency, compared to the prior year. This was the first time ever that the company's quarterly sales exceeded the billion-dollar mark, Logitech said. Analysts expected revenue of $834.55 million for the second-quarter.

Logitech raised its fiscal year 2021 outlook to between 35 and 40 percent sales growth in constant currency, and a range of $700 million to $725 million in non-GAAP operating income. The Company's previous outlook was between 10 and 13 percent sales growth in constant currency, and a range of $410 million to $425 million in non-GAAP operating income.