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Logitech International (SIX:LOGN)(Nasdaq:LOGI) today announced financial results for the third quarter of Fiscal Year 2014, with better-than-expected total sales of $628 million, up 2 percent compared to the third quarter of the prior year. Q3 GAAP operating income was $53 million, with GAAP earnings per share (EPS) of $0.30 compared to a loss a year ago. Q3 non-GAAP operating income was $67 million, with non-GAAP EPS of $0.35, up 84 percent year over year. Cash flow from operations for Q3 was $94 million.
"We're pleased by our solid Q3 performance, with both sales and profit growth," said Bracken P. Darrell, Logitech president and chief executive officer. "We're encouraged by the robust sales in our growth categories, as well as the success of our ongoing initiatives to improve profitability, which includes the earlier-than-expected return to profitability of LifeSize. We still have more work ahead, but our turnaround is on track as we continue to build a faster and more profitable Logitech."
Retail sales for Q3 were up 4 percent year over year. Combined, Logitech's retail growth categories delivered 62 percent growth compared to the prior year.
Based on its Q3 performance, Logitech has raised its full-year outlook for Fiscal Year 2014. The Company now expects sales of just under $2.1 billion, compared to the previously expected $2.0 billion, and non-GAAP operating income in the range of $120 million to $125 million, compared to the previously expected $100 million.
Prepared Remarks Available Online
Logitech has made its prepared written remarks for the financial results teleconference available online on the Logitech corporate Web site at http://ir.logitech.com, in the Calendar section.
View at TechPowerUp Main Site
"We're pleased by our solid Q3 performance, with both sales and profit growth," said Bracken P. Darrell, Logitech president and chief executive officer. "We're encouraged by the robust sales in our growth categories, as well as the success of our ongoing initiatives to improve profitability, which includes the earlier-than-expected return to profitability of LifeSize. We still have more work ahead, but our turnaround is on track as we continue to build a faster and more profitable Logitech."
Retail sales for Q3 were up 4 percent year over year. Combined, Logitech's retail growth categories delivered 62 percent growth compared to the prior year.
- Tablet Accessories sales grew 95%
- Audio - Wearables and Wireless sales grew 79%
- PC Gaming sales grew 25%
Based on its Q3 performance, Logitech has raised its full-year outlook for Fiscal Year 2014. The Company now expects sales of just under $2.1 billion, compared to the previously expected $2.0 billion, and non-GAAP operating income in the range of $120 million to $125 million, compared to the previously expected $100 million.
Prepared Remarks Available Online
Logitech has made its prepared written remarks for the financial results teleconference available online on the Logitech corporate Web site at http://ir.logitech.com, in the Calendar section.
View at TechPowerUp Main Site
