Logitech Q4 Profit Increases; CFO Vincent Pilette To Step Down

(RTTNews) - Logitech International (LOGI) reported that its fourth-quarter net income increased to $42.12 million or $0.25 per share from $34.40 million or $0.20 per share last year. The company also announced that its chief financial officer, Vincent Pilette, will leaving the company to pursue a senior leadership role at another company. It has named Nate Olmstead interim chief financial officer.

Logitech confirmed its fiscal year 2020 outlook of mid to high single-digit sales growth in constant currency and $375 million to $385 million in non-GAAP operating income.

Non-GAAP net income was $0.38, up from $0.32 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.30 per share. Analysts' estimates typically exclude special items.

Sales were $624 million, up 5 percent in US dollars and 9 percent in constant currency compared to the prior year. Analysts expected revenue of $623.66 million for the quarter.

Additionally, Logitech said that its chief financial officer, Vincent Pilette, is leaving the company. Vincent will cease to be a member of the Group Management Team, at the end of May, 2019, to pursue a senior leadership role at another company.

Logitech has appointed Nate Olmstead interim chief financial officer following Vincent's departure. Nate joined Logitech in 2019 as vice president of finance, and brings over 16 years of financial management experience, most recently as the vice president of finance for global operations at Hewlett Packard Enterprise.