Logitech: growth continues, targets raised

(CercleFinance.com) - Logitech shares jumped 7% on Wednesday in Zurich, after posting a fourth consecutive quarter of sales growth, a performance that gives the company greater optimism for the current financial year.


The manufacturer of technology accessories reported sales of $1.34bn for Q3 to end-December.

This corresponds to a y-o-y increase of 7% on a reported basis and 6% at constant exchange rates.

For comparison, the consensus was expecting less at $1.23bn.

This growth was accompanied by an improvement in operating profit excluding non-recurring items (non-GAAP), which rose by 7% to $266m, above the $229m targeted by analysts.

Following its better-than-expected performance, Logitech has raised its sales growth forecast for the year to the end of March, now expected to be between 6.2% and 7.1% excluding the impact of exchange rates, compared with 2% to 4% previously.

The Swiss group also raised its non-GAAP operating profit target from $720m to $750m to between $755m and $770m for the year.

Shares in the manufacturer of mice, keyboards and headphones gained nearly 7% on Wednesday morning in the wake of this publication. It has already gained 18% since the start of the year, and is up 12% over the last 12 months.


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