Logitech Q4 Profit Down; Cuts FY Outlook - Quick Facts

(RTTNews) - Logitech International (LOGI) reported net income of $108.21 million or $0.64 per share in the fourth quarter, down from $225.75 million or $1.31 per share in the previous year.

Non-GAAP earnings per share were $0.81 down from $1.45 last year.

Sales were $1.23 billion, down 20 percent in US dollars and 17 percent in constant currency compared to the prior year.

Logitech reduced its fiscal year 2023 outlook, removing the estimate of annual sales and profits that would have been generated in Ukraine and Russia. It reflected the current, uncertain environment in which the war in Ukraine continues without sign of resolution in the near term.

The company expects annual sales growth in constant currency to be between 2 and 4 percent, and non-GAAP operating income to be between $875 million and $925 million. Previously, sales growth in constant currency was expected to be in the mid single digits, and non-GAAP operating income was expected to be between $900 million and $950 million.