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Logitech Q1 Profit Spikes; Confirms FY15 Sales View

July 23, 2014

ROMANEL-SUR-MORGES (dpa-AFX) - Computer interface devices manufacturer Logitech International (LOGI) reported that its first quarter GAAP net income surged to $22.03 million or $0.13 per share from $1.04 million or $0.01 per share in the prior year.

Non-GAAP net income for the quarter climbed to $38.25 million or $0.23 per share from $10.67 million or $0.07 per share last year.

On average, 5 analysts polled by Thomson Reuters expected the company to report a profit of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly net sales were $483.72 million, an increase from the $477.92 million reported in the year-ago quarter. Wall Street expected revenues of $476.95 million for the quarter.

GAAP operating income was $25.47 million versus $47 thousand a year earlier, while non-GAAP operating income was $43.89 million, higher than the $12.04 million in the prior year quarter.

Looking ahead to fiscal year 2015, Logitech confirmed its outlook of $2.16 billion in sales and raised its outlook for non-GAAP operating income from $145 million to approximately $170 million. Analysts now estimate the company to report revenue of $2.17 billion for fiscal 2015.

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Source: dpa-AFX International Compact

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