Logitech Delivers Record Sales, Up 22%

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The FINANCIAL — Logitech International on January 22 announced financial results for the third quarter of Fiscal Year 2018.

Q3 sales were an all-time record $812 million, up 22 percent in US dollars and 18 percent in constant currency, compared to Q3 of the prior year.

Q3 GAAP operating income amounted to $100 million, compared to $96 million in the same quarter a year ago. Q3 GAAP earnings per share (EPS) amounted to $0.48, compared to $0.59 in the same quarter a year ago. 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.

Q3 non-GAAP operating income grew 18 percent to $117 million, compared to $99 million in the same quarter a year ago. Q3 non-GAAP EPS grew 16 percent to $0.65, compared to $0.56 in the same quarter a year ago.

Cash flow from operations grew 27 percent to $189 million, the highest quarterly level ever, according to Logitech.

“This holiday quarter, we’ve delivered our highest quarterly sales ever and highest sales growth in seven years,” said Bracken Darrell, Logitech president and chief executive officer. “Video Collaboration, Gaming and Mobile Speakers all grew 25% or more, and we gained share broadly across our product categories. Our ASTRO acquisition also performed better than expected. We are raising our Fiscal Year 2018 outlook.”

Outlook

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.

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