Logitech Q4 Profit Drops, But Results Top Estimates

(RTTNews) - Logitech International (LOGI) reported that its fourth quarter net income dropped to $41.50 million or $0.26 per share from $108.21 million or $0.64 per share in the prior year.

Non-GAAP earnings per share were $0.50 compared to $0.81 prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share for the fourth quarter. Analysts' estimates typically exclude special items.

Sales for the fourth quarter were $960.08 million, down 22 percent in US dollars and 20 percent in constant currency, compared to the prior year. Analysts expected revenue of $941.87 million for the quarter.

Logitech confirmed its outlook for the first half of fiscal year 2024. It still expects non-GAAP operating income to be in the range of $160 million - $190 million and sales of $1.8 billion - $1.9 billion, representing a decline of 22% - 18% from last year.

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