Posted By Uma Rajagopal
Posted on July 23, 2024
ZURICH (Reuters) -Computer mouse maker Logitech International raised its full-year sales and profit outlook on Tuesday, encouraged by strong quarterly growth.
The Swiss-American company now expects its full-year sales in the range of $4.34-$4.43 billion, up from a previous projection of $4.3-$4.4 billion.
It added that it expects Non-GAAP operating income to be between $700 and $730 million for fiscal year 2025, compared with $685 million-$715 million earlier.
The company, whose products also include keyboards, video conferencing gear and gaming headsets, said its sales rose 12% to $1.1 billion in its first quarter ended June 30.
The figure beat analysts’ consensus forecast of $1.025 billion compiled by Visible Alpha.
Non-GAAP operating income for the quarter soared 96% to $153 million, added Logitech, which is based in Lausanne, Switzerland and San Jose, California.
We started the new fiscal year strong, with high-quality, broad-based growth across all regions and key categories,” said CEO Hanneke Faber, a former Unilever executive, who took charge of the company in December 2023.
Logitech, whose products are used to equip workers at home as well as in the office, had been struggling with a downturn in demand after enjoying a pandemic-driven boom.
Earlier this year, it posted its first quarterly sales increase in two-and-a-half years, while Faber outlined plans to expand the company’s customer base beyond offices and into education and healthcare.
(Reporting by John Revill and Chandni Shah; Editing by Rashmi Aich)
