Logitech International today announced financial results for the fourth quarter and full year of Fiscal Year 2020, ended March 31, 2020. "We have delivered five consecutive years at or near double-digit growth, and Logitech's products have never been more relevant," said Bracken Darrell, Logitech president and chief executive officer. "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."

"We finished a solid year with a very strong fourth quarter," said Nate Olmstead, Logitech chief financial officer. "The COVID-19 pandemic introduces operational challenges, yet our ability to execute and strong long-term growth drivers give us the confidence to maintain our financial outlook for Fiscal Year 2021."For Fiscal Year 2020:

• Sales were Logitech's highest ever at $2.98 billion, up 7 percent in US dollars and 9 percent in constant currency compared to the prior year.
• GAAP operating income grew 5 percent to $276 million, compared to $263 million a year ago. GAAP earnings per share (EPS) grew 75 percent to $2.66, compared to $1.52 a year ago.
• Non-GAAP operating income grew 10 percent to $387 million, compared to $352 million a year ago. Non-GAAP EPS grew 7 percent to $2.15, compared to $2.01 a year ago.
• Cash flow from operations was a record $425 million, compared to $305 million a year ago.

For Q4 Fiscal Year 2020:

• Sales grew to $709 million, up 14 percent in US dollars and 15 percent in constant currency compared to Q4 of the prior year.
• GAAP operating income was $32 million, down 24 percent primarily due to a one-time, acquisition-related charge. Non-GAAP operating income grew 23 percent to $79 million, compared to Q4 of the prior year.

Outlook
Logitech confirmed its Fiscal Year 2021 outlook of mid single-digit sales growth in constant currency and $380 million to $400 million in non-GAAP operating income.