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Computer parts maker Logitech Q4 sales rise; first positive qtr in over 2 years

Published 04/29/2024, 09:10 PM
Updated 04/29/2024, 09:42 PM
© Reuters. FILE PHOTO: Logitech keyboards and mouse are seen in the computer shop in Zenica, Bosnia and Herzegovina October 20, 2020. REUTERS/Dado Ruvic/File Photo
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ZURICH (Reuters) -Logitech International increased its sales during its fourth quarter, the computer peripherals maker said on Tuesday, snapping two-and-a-half years of sales downturns after a pandemic-driven boom.

The maker of computer mice and keyboards said its sales increased by 5% in U.S. dollars and constant currency to $1.01 billion during the three months to March.

It was the first positive quarter reported by Logitech (NASDAQ:LOGI) since October 2021. The Swiss-American company had been struggling in recent quarters, following an 80% sales surge during the COVID-19 years when people bought its products to work and play from home.

During the fourth quarter, Logitech's non-GAAP operating profit soared 93% to $159 million.

For the full year to March, Logitech said its annual sales fell 5% in U.S. dollars to $4.30 billion, better than its outlook for sales in the $4.2-$4.25 billion range.

© Reuters. FILE PHOTO: Logitech keyboards and mouse are seen in the computer shop in Zenica, Bosnia and Herzegovina October 20, 2020. REUTERS/Dado Ruvic/File Photo

Non-GAAP operating profit rose 19% to $699 million, the company said, better than its guidance for $610 million to $660 million.

Logitech is now aiming to increase its sales by 0%-2% in U.S. dollars to $4.3-$4.4 billion over the next 12 months, while non-GAAP operating income is expected to be $685-$715 million.

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