Logitech with solid third quarter – outlook raised again
Published: Tuesday, Jan 23rd 2024, 06:10
Zurück zu Live Feed
The computer accessories manufacturer Logitech sold slightly less in the important Christmas quarter than in the previous year. However, following a forecast increase in October, the outlook for the year as a whole has now been raised again. The company also reported a clear increase in earnings.
Sales in the third quarter of the 2023/24 financial year fell by 1 percent to 1.26 billion US dollars, as Logitech announced on Tuesday night. At constant currencies, sales would have declined by 3 percent. However, the gross margin (GAAP) climbed to 42.0 percent from 37.6 percent previously.
Operating profit (non-GAAP), on the other hand, increased by 22 percent to 248.2 million dollars, while net profit (GAAP) recovered significantly from its dip in the previous year and rose by 74 percent to 244.7 dollars.
The new CEO Hanneke Faber is satisfied overall. "We have achieved solid results in our third quarter," she is quoted as saying in the press release. "But we will only be satisfied when we achieve sales growth again."
Logitech's figures significantly exceeded analysts' expectations, particularly in terms of earnings and gross margin.
Sales developed differently in the various product categories. For example, sales of gaming accessories fell by 1%, while keyboards and combos increased by 4%. In contrast, demand for video collaboration fell by 2%. PC webcams (-9%) and headsets (-11%) were also less in demand.
The company raised its targets for the full year 2023/24 in October. These targets have now been raised again. The Group now expects turnover of 4.2 to 4.25 billion dollars, which is still a decline of 6-7% in dollar terms. Non-GAAP EBIT is now expected to be between 610 and 660 million. An increase of 4-12 percent is therefore targeted.
Logitech had previously forecast sales of between 4.0 and 4.15 billion dollars, which would have been a decline of between 9 and 12 percent. Adjusted EBIT was expected to land in the range of 525 to 575 million, which would have been a decline of 2 to 11 percent.
©Keystone/SDA
German 
English 
French 
Spanish 
Arabic