Logitech Earnings: LOGI Beats Out Estimates for Q1

Logitech (NASDAQ:LOGI) earnings for the tech company’s fiscal first quarter of 2021 are out and it’s time to see how it stacks up to Wall Street’s estimates. The company’s adjusted earnings per share of 64 cents are well above Wall Street’s estimate of 34 cents. Its revenue of $791.89 million also beats out analysts’ estimates of $690.83 million.

Logitech (LOGI) logo behind a display of keyboards.

Source: Ismail Sadiron / Shutterstock.com

Let’s take a closer look at the most recent Logitech earnings report below.

  • Adjusted per-share earnings for the quarter are up 64% from 39 cents during the same time last year.
  • Revenue comes in 23% higher than the $644.23 million reported in the fiscal first quarter of 2020.
  • Operating income of $83.43 million is a 75.8% increase year-over-year from $47.47 million.
  • The Logitech earnings report also has net income coming in at $72.07 million.
  • That’s a 58.9% jump from its net income of $45.35 million from the same period of the year prior.

Bracken Darrell, president and CEO of Logitech, said this about the earnings.

“We delivered an exceptional first quarter and are raising our fiscal year outlook. We grew sales 25% with strong growth in almost every product category. Our company strategy focuses on four long-term trends: more of us will work from home; video calls will replace audio calls; esports will become as big as conventional sports; and billions of people worldwide will create content, not just a handful of TV and movie studios.”

Logitech’s new outlook for the fiscal year has it expecting net sales growth between 10% and 13%. It’s also now looking for operating income ranging from $410 million to $425 million.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/07/logitech-earnings-q1-beat-estimates/.

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