Logitech International today announced financial results for the second quarter of Fiscal Year 2024.

• Sales were $1.06 billion, down 8 percent in US dollars and 9 percent in constant currency, compared to the prior year.
• GAAP operating income was $157 million, up 23 percent compared to the prior year. Non-GAAP operating income was $183 million, up 17 percent compared to the prior year. In the quarter, the Company continued to reduce operating expenses, down 9 percent compared to the prior year, in line with the decline in net sales.
• GAAP earnings per share (EPS) was $0.86, up 72 percent compared to the prior year. Non-GAAP EPS was $1.09, up 30 percent compared to the prior year.
• Cash flow from operations was $223 million, up $150 million compared to the prior year. The quarter-ending cash balance was $1.16 billion. In the quarter, the Company returned $276 million of cash to shareholders through its annual dividend payment and share repurchases.

"The Logitech team stepped up execution this quarter and delivered results that demonstrate the underlying potential of our business," said Guy Gecht, Logitech interim chief executive officer. "We made great progress toward a return to growth and exceeded our pre-pandemic profit levels. Our design-led innovation capabilities were on full display, with 16 new product introductions during the quarter. I'm proud of what our team has accomplished in this challenging environment. We remain focused on developing market leading products, operational excellence, and value creation for shareholders.""While our second quarter revenue was down compared to last year, we delivered expanded gross margins of 42.0% and operating margins of 17.3%," said Chuck Boynton, Logitech chief financial officer. "Through strong operating execution and working capital management, we generated $223 million in operating cash flow and returned $276 million to our shareholders. Our focus on cost discipline with a customer-first mindset is paying off, with share growth in key categories. We remain cautiously optimistic on the balance of the year and are pleased to raise the annual outlook."

CEO Search Update
Over the last four months, the board of directors, led by Wendy Becker, has been conducting a global CEO search looking at internal and external candidates across industries and geographies. The board has met with a number of strong, diverse and experienced candidates, and is moving closer to finalizing a decision.