The FINANCIAL — Logitech International on July 24 announced financial results for the first quarter of Fiscal Year 2018.
Q1 sales were $530 million, up 13 percent in constant currency compared to Q1 of the prior year. Q1 sales grew 10 percent in USD.
Q1 GAAP operating income grew 22 percent to $31 million, compared to $26 million a year ago. Q1 GAAP earnings per share (EPS) grew 69 percent to $0.22, compared to $0.13 a year ago.
Q1 non-GAAP operating income grew 14 percent to $43 million, compared to $38 million a year ago. Q1 non-GAAP EPS grew 20 percent to $0.24, compared to $0.20 a year ago.
“We’re off to a strong start,” said Bracken Darrell, Logitech president and chief executive officer. “Our innovative and diverse portfolio is delivering, with growth and profitability exceeding expectations this quarter. Our growth was broad-based — we grew double-digits in constant currency across all three regions. Looking out to the rest of the year, the strength of our innovation program combined with the expected closing of the ASTRO Gaming acquisition, give us the confidence to raise our FY 2018 outlook.”
Vincent Pilette, Logitech chief financial officer, said, “We delivered a strong financial performance during this first quarter of the fiscal year, with sales up 13% and profitability up 14%. Q1’s healthy gross margin — up 140 basis points compared to last year — allows us to continue our investment in numerous growth opportunities to build an exciting future.”
Outlook
Logitech raised its Fiscal Year 2018 outlook to 10 to 12 percent sales growth in constant currency and $260 to $270 million in non-GAAP operating income. This includes the anticipated impact of the ASTRO Gaming acquisition, expected to close in August 2017.
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