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Logitech’s Start to the Year: Mixed Reviews

Logitech’s Start to the Year: Mixed Reviews

Tue, Apr 30th 2024

Logitech faces mixed financial fortunes: declining annual sales but rising profits and a strong quarterly comeback.

KEYSTONE/Laurent Gillieron

Logitech, the prominent computer accessories manufacturer, reported a 5% decrease in sales, totaling $4.30 billion for the fiscal year 2024, underscoring a challenging year.

Based on non-GAAP measures, the company’s adjusted operating profit rose by 19% year-on-year, reaching $699 million. The GAAP-based operating profit saw an even more impressive surge of 28%, standing at $587 million.

Logitech’s final quarter displayed a remarkable turnaround. Sales increased 5% to $1.01 billion, and operating profit nearly doubled to $158.6 million from $38.8 million, adjusted for acquisition and restructuring costs.

Unadjusted operating profit followed a similar trend, tripling to $130.2 million. This growth was completed by a quadrupling of net profit to $167.6 million, starkly contrasting to the previous year’s $41.5 million.

This financial upswing surpassed analyst expectations, especially in profit metrics, reflecting Logitech’s strategic success across various regions and product categories. Hanneke Faber, who assumed the CEO role on December 1, emphasized the broad-based nature of the growth, spanning all critical areas and categories.

For the upcoming fiscal year 2024/2025, Logitech is aiming for sales between $4.3 and $4.4 billion, with expected operating profits ranging from $685 to $715 million.

©Keystone/SDA

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