Logitech Q3 Profit Down; But Lifts FY18 Outlook

(RTTNews) - Logitech International (LOGI) reported that its net income for the third quarter of fiscal Year 2018 declined to $80.77 million or $0.48 per share from $97.47 million or $0.59 per share in the prior year. GAAP profitability was impacted by a one-time $16 million net tax expense following the reduction in the U.S. federal income tax rate and other reforms.

Non-GAAP earnings per share grew 16 percent to $0.65, compared to $0.56 in the same quarter a year ago.

Quarterly sales were $812 million, up 22 percent in US dollars and 18 percent in constant currency, compared to the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.58 per share and revenues of $754.13 million for the quarter. Analysts' estimates typically exclude special items.

Logitech raised its Fiscal Year 2018 outlook to 12 to 14 percent sales growth in constant currency, up from its previous range of 10 to 12 percent sales growth in constant currency.

The company also increased its non-GAAP operating income outlook for Fiscal Year 2018 to a range of $270 million to $280 million, up from its prior range of $260 million to $270 million.