Logitech Delivers Record FY 2022 Sales

[btarunr]

Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the fourth quarter and full Fiscal Year 2022, ended March 31, 2022. "This year, we sustained our scale, delivering record sales on top of last year's 74% sales growth," said Bracken Darrell, Logitech president and chief executive officer. "We grew for the ninth straight year and grew market share across the portfolio. We also beat our original profit target by over $100 million.

Despite strong year-over-year results, our focus is the long term. We're riding secular growth trends in hybrid work, video collaboration, e-sports and digital content creation. We'll continue to deliver against those with agility, operational excellence and a diverse, innovative portfolio. I'm excited for the future."



For Fiscal Year 2022:

• Sales were Logitech's highest ever at $5.48 billion, up 4 percent in US dollars and 4 percent in constant currency compared to the prior year. This growth is on top of last year's record sales which grew 76 percent in US dollars and 74 percent in constant currency. The Company's sales have more than doubled in the past four years.
• GAAP operating income declined 33 percent to $774 million, compared to $1.15 billion a year ago. Non-GAAP operating income declined 29 percent to $904 million, compared to $1.27 billion a year ago. This reflects the Company's planned, strategic investments in marketing and product development to drive future growth, and significantly exceeds its original Fiscal Year 2022 non-GAAP operating income outlook. The Company has more than doubled its non-GAAP operating income versus two years ago.
• GAAP earnings per share (EPS) declined 31 percent to $3.78, compared to $5.51 a year ago. Non-GAAP EPS declined 28 percent to $4.63, compared to $6.42 a year ago.

For Q4 Fiscal Year 2022:

• Sales were $1.23 billion, down 20 percent in US dollars and 17 percent in constant currency compared to Q4 of the prior year.
• GAAP operating income declined 56 percent to $129 million, compared to Q4 of the prior year. Non-GAAP operating income declined 52 percent to $156 million, compared to Q4 of the prior year.

Outlook
Logitech reduced its Fiscal Year 2023 outlook, removing the estimate of annual sales and profits that would have been generated in Ukraine and Russia. This reflects the current, uncertain environment in which the war in Ukraine continues without sign of resolution in the near term.

Sales growth in constant currency is now expected to be between 2 and 4 percent, and non-GAAP operating income is expected to be between $875 million and $925 million. Previously, sales growth in constant currency was expected to be in the mid single digits, and non-GAAP operating income was expected to be between $900 million and $950 million.

View at TechPowerUp Main Site

 

[Camm]

Record profits, still can't add USB C to their Gaming Keyboards & Mice.

 

[Tomorrow]

Record profits, still can't add USB C to their Gaming Keyboards & Mice.

Why would they need to add that when they got great wireless tech?
What they really should do is make omron compatible PBT keycaps. The fact that their high end models still use ABS is just stupid.

 

[Camm]

Why would they need to add that when they got great wireless tech?
What they really should do is make omron compatible PBT keycaps. The fact that their high end models still use ABS is just stupid.

You're just reinforcing the fact that their gaming product line is dumb & antiquated. Most other vendors can match them for wireless outside the hobbyist keyboard bluetooth space.

 

[Tomorrow]

You're just reinforcing the fact that their gaming product line is dumb & antiquated. Most other vendors can match them for wireless outside the hobbyist keyboard bluetooth space.

Why is it dumb and antiquated?

Most vendors can match them in wireless now. It took how long for them to catch up? half a decade?
Like i said the main problem with Logitech's keyboards (atleast the high end ones) is the lack of PBT keycaps and to a lesser extent the lack of hotswappable switches.

Their mice compete pretty well tho and aside from perhaps using more durable switches and optional honeycomb shells for lower weight i dont think they're lacking.

 

[kapone32]

I say this in every Logitech thread. Where is the replacement for my G510?

 

[ThrashZone]

I say this in every Logitech thread. Where is the replacement for my G510?

Hi,
It's the G710+
G910 is garbage I finally dumped mine on craigslist and got more g710+

Just found a K600 in my closet got it for my dumb tv and it didn't work for shit but may try it on my media center windows os later forgot all about it

 

[kapone32]

Hi,
It's the G710+
G910 is garbage I finally dumped mine on craigslist and got more g710+

Just found a K600 in my closet got it for my dumb tv and it didn't work for shit but may try it on my media center windows os later forgot all about it

Well my G510 is still going and even has the LCD screen work with Windows 11. The board you reference may be Mechanical but that is the only advantage the G510 is especially great for Action RPGs with large spell trees.

https://www.amazon.ca/Logitech-920-004967-Gaming-Keyboard-G510s/dp/B00BCEK2LU/ref=pd_lpo_1?pd_rd_i=B00BCEK2LU&psc=1

https://www.amazon.ca/Logitech-G710-Mechanical-Gaming-Keyboard-dp-B00QI2WPJ8/dp/B00QI2WPJ8/ref=dp_ob_title_ce

I myself am shocked at the prices regardless if it is a 3rd party seller.