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Logitech raises FY outlook, quarterly operating profit jumps more than 75%
[BENGALURU] Logitech International raised its outlook for the 2021 fiscal year and reported a more than 75 per cent increase in non-GAAP (generally accepted accounting principles) operating income in its first quarter, boosted by demand for its webcams, video conferencing products and headsets as homeworking increased during the coronavirus lockdowns.
The company said demand for video streaming and productivity products remained high as lockdowns introduced around the world to restrict the spread of the coronavirus resulted in an increase in the number of people working from home.
The Swiss-US maker of computer peripherals raised its sales outlook for the 2021 fiscal year to 10-13 per cent growth from mid single-digit percentage gain in constant currency.
The company also raised its annual outlook for non-GAAP operating profit in the range of US$410 million to US$425 million from US$380 to US$400 million.
Gaming products like computer mice, keyboards and headsets have also done well, as people have played more on their computers at home during the lockdowns.
"Logitech's business was already positioned to grow from these long-term trends, and since early March they have accelerated, making Logitech more relevant to customers than ever before," said chief executive Bracken Darrell.
Logitech said its non-GAAP operating income rose to US$117.3 million in the quarter ended June 30, up from US$67 million a year earlier.
Net income rose 58.9 per cent to US$72.1 million, with sales increasing about 22.9 per cent to US$791.9 million.