Logitech continues its strong growth trajectory in the first quarter of 2024/25
Published: Tuesday, Jul 23rd 2024, 06:10
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Logitech increased its turnover and profit more than expected in the first quarter of 2024/25. The manufacturer of computer accessories thus remains on the growth path it resumed last year.
Between April and June, Logitech achieved a turnover of just under 1.1 billion US dollars, according to a press release issued on Tuesday. This was 12 percent more than in the same period last year.
The profit trend was significantly stronger. Operating profit (EBIT, non-GAAP) adjusted for the costs associated with acquisitions and restructuring increased by 67% to 182 million dollars. The corresponding net profit amounted to 174.6 million (+69%). Logitech attributes this to improved demand, strong gross margins and cost discipline.
The tech company increased its EBIT according to GAAP by 96 percent to 153 million dollars, while it more than doubled its unadjusted net profit to 141.8 million dollars.
Outlook increased
Logitech has thus clearly exceeded analysts' forecasts, particularly in terms of profit. Looking ahead, the company has subsequently raised its outlook. The company is now targeting sales of between 4.34 and 4.43 billion US dollars, which would correspond to growth of between 1 and 3 percent. Logitech had previously forecast growth of between 0 and 2 percent.
Logitech has raised its forecast for non-GAAP operating profit to between 700 and 730 million US dollars, compared to the previous forecast of 685 to 715 million US dollars. In percentage terms, the Group expects an increase of between 0 and 4 percent. Previously, Logitech had assumed that profits could rise or fall by 2 percent.
While the Group continues its return to sales growth, it also emphasizes the ongoing risks in the press release. "The positive business momentum is taking place against the backdrop of an uncertain and volatile global economy," CEO Hanneke Faber is quoted as saying in the press release.
Despite the good performance, the company remains pragmatic about future risks and uncertainties. "These include the resilience of general consumer demand, the level of B2B and IT spending, stubborn inflation, the monetary policy of central banks, the fiscal policy of governments and geopolitical conflicts."
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