Logitech (NASDAQ:LOGI) earnings for the company’s fiscal fourth quarter of 2020 have LOGI stock heading higher on Tuesday. That comes after reporting adjusted earnings per share of 42 cents, which is above analysts’ estimates of 35 cents. Its revenue of $709.25 million also beats out Wall Street’s estimates of $652.1 million.
Now, let’s take a look at some additional highlights from the most recent Logitech earnings report below.
- Adjusted per-share earnings are up 10.5% from 38 cents in the fiscal fourth quarter of 2019.
- Revenue for the quarter comes in 13.6% higher than the $624.31 million reported in the same period of the year prior.
- Operating income of $32.14 million is a 23.9% decline year-over-year from $42.23 million.
- The Logitech earnings report also has it bringing in a net income of $213.92 million.
- That’s a 407.9% boost over its net income of $42.12 million reported during the same time last year.
Bracken Darrell, president and CEO of Logitech, said this about the earnings report.
“We have delivered five consecutive years at or near double-digit growth, and Logitech’s products have never been more relevant. Video conferencing, working remotely, creating and streaming content, and gaming are long-term secular trends driving our business. The pandemic hasn’t changed these trends: it has accelerated them.”
Logitech also provides an outlook for fiscal 2021 in the earnings report. It expects constant currency sales growth in the mid-single-digit range. The company is also looking for non-GAAP operating income to come in between $380 million to $400 million for the fiscal year.
LOGI stock was up 2.2% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.