Logitech Announces Q4 and Full Fiscal Year 2024 Results

[GFreeman]

Logitech International today announced financial results for the fourth quarter and full Fiscal Year 2024 ended March 31, 2024.

For Q4 Fiscal Year 2024:

• Sales were $1.01 billion, up 5 percent in US dollars and 5 percent in constant currency, compared to Q4 of the prior year.
• GAAP operating income was $130 million, up 235 percent, compared to Q4 of the prior year. Non-GAAP operating income was $159 million, up 93 percent, compared to Q4 of the prior year.
• GAAP earnings per share (EPS) was $1.07, up 312 percent compared to Q4 prior year. Non-GAAP EPS was $0.99, up 98 percent compared to the prior year.
• Cash flow from operations was $239 million, up 10 percent compared to Q4 of the prior year.

For Fiscal Year 2024:

• Sales were $4.30 billion, down 5 percent in US dollars and 6 percent in constant currency, compared to the prior year.
• GAAP operating income was $587 million, up 28 percent compared to the prior year. Non-GAAP operating income was $699 million, up 19 percent compared to the prior year.
• GAAP earnings per share (EPS) was $3.87, up 74 percent compared to the prior year. Non-GAAP EPS was $4.25, up 32 percent compared to the prior year.
• Cash flow from operations was $1.1 billion, up 114 percent compared to the prior year. The year-ending cash balance was more than $1.5 billion. The Company returned $686 million of cash to shareholders through its annual dividend payment and share repurchases.

"We delivered a strong fourth quarter, with a return to growth and expanded gross margins," said Hanneke Faber, Logitech chief executive officer. "Growth was broad-based across all regions and key categories.

"We start Fiscal Year 2025 with a focus on sustainable, profitable growth supported by several long-term trends that present opportunities for our business: new ways of working, gaming, and transformational AI. Our new, ambitious mission of extending human potential in work and play expands our addressable market and our innovation opportunities. We're excited for the journey to come."

Outlook
Logitech announced its full-year outlook for Fiscal Year 2025:

• Sales $4.3 - $4.4 billion
• Sales growth (in US dollars, year over year) 0% - 2%
• Non-GAAP operating income $685 - $715 million
• Non-GAAP op. inc. growth/ (decline) (year over year) (2)% - 2%

Financial Results Videoconference and Webcast
Logitech will hold a financial results videoconference to discuss the results for Q4 and the full Fiscal Year 2024 on Tuesday, April 30, 2024 at 8:30 a.m. Eastern Daylight Time and 2:30 p.m. Central European Summer Time. This will also be an opportunity to hear strategic insights from Logitech chief executive officer, Hanneke Faber, on her first 100 days.

A livestream of the event will be available on the Logitech corporate website at https://ir.logitech.com. This press release and the Q4 Fiscal Year 2024 Shareholder Letter are also available there.

CFO Search and Annual Investor Day
Last month, Logitech announced that Charles "Chuck" Boynton, chief financial officer (CFO), will be departing the Company to pursue another career opportunity. Boynton will remain with the Company as CFO through mid-May to ensure a seamless transition for the end of the 2024 fiscal year. His successor will be named at a later date.

Logitech plans to hold its Annual Investor Day (AID) later this year.

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[bonehead123]

Yee haw, bring on those big, fat dividend checks, oh yea.. my bank account thanks you

 

[KLMR]

Where is logitech from? UK?

 

[Onasi]

Where is logitech from? UK?

Switzerland.

Yee haw, bring on those big, fat dividend checks, oh yea.. my bank account thanks you

Won’t be so fat after Swiss taxation takes its share. Last time it amounted to what, less than a dollar per share?

 

[Philaphlous]

I wonder what their market segments are... I don't see Logi as a HUG$E company but here we are... I'm guessing there's a ton of corporate & PPP deals that add to this revenue rather than it being driven by end consumer...

 

[bonehead123]

Won’t be so fat after Swiss taxation takes its share. Last time it amounted to what, less than a dollar per share?

Perhaps, but when you own a buttload of shares like I do, it adds up nonetheless

I wonder what their market segments are... I don't see Logi as a HUG$E company but here we are... I'm guessing there's a ton of corporate & PPP deals that add to this revenue rather than it being driven by end consumer...

I don't know the exact breakdown, but it's probably something like 65/35, with corp sales being a leader.....

I use a lot of their stuff @home, and my company buys about $20k worth of stuff from them every year, some for when we add/hire new staff members, others to replace older stuff that is wearing out, and a small amount to keep in stock for just in case/oops scenarios... granted that's a drop in the bucket for a company like Logi, but still good to know that we are doing our part to keep them in business, which comes full circle when I get my dividend checks, hehehe

 

[Onasi]

I wonder what their market segments are... I don't see Logi as a HUG$E company but here we are... I'm guessing there's a ton of corporate & PPP deals that add to this revenue rather than it being driven by end consumer...

The vast majority is office and home office focused stuff - inexpensive (and sometimes less so) peripherals, web cameras, that sort of thing. They are a default supplier to a LOT of businesses and thats where they get their lion share of earnings. Enthusiast focused products are fairly low volume, but high margin. No wonder they sorta lost the plot on those in the last few years - competitors make better and less pricey stuff. GPX 2 was an embarrasment, for example.