- Joined
- Dec 6, 2011
- Messages
- 4,784 (1.00/day)
- Location
- Still on the East Side
Logitech International today announced financial results for the second quarter of Fiscal Year 2014, with better-than-expected revenue of $532 million, down 3 percent compared to second quarter of the prior year.
"We're making progress toward building a faster and more profitable Logitech," said Bracken P. Darrell, Logitech president and chief executive officer. "In spite of headwinds from weak market conditions in Europe and a decline in the global PC market, we significantly improved operating profitability in the first half of Fiscal Year 2014."
"Our growth categories performed well during the first half. Combined, tablet accessories, gaming and wireless speakers grew about 36 percent year over year. Although we have more work in front of us, I am confident that we are on track with our turnaround strategy."
Outlook
For the full Fiscal Year 2014, Logitech continues to expect revenue of approximately $2 billion and GAAP operating income of approximately $50 million, compared to an operating loss in Fiscal Year 2013. The outlook for GAAP operating income now includes year-to-date charges of $13 million, related to restructuring, that were not anticipated when the Company originally provided the outlook in April 2013.
The current outlook for non-GAAP full Fiscal Year 2014 operating income is $100 million, an increase of $13 million compared to the previously expected non-GAAP operating income.
View at TechPowerUp Main Site
- Q2 GAAP operating income was $17 million, and GAAP EPS was $0.09
- Q2 non-GAAP operating income was $37 million, and non-GAAP EPS was $0.20
- Year-to-date GAAP operating income was $17 million, and GAAP EPS was $0.10
- Year-to-date non-GAAP operating income was $49 million, and non-GAAP EPS was $0.26
"We're making progress toward building a faster and more profitable Logitech," said Bracken P. Darrell, Logitech president and chief executive officer. "In spite of headwinds from weak market conditions in Europe and a decline in the global PC market, we significantly improved operating profitability in the first half of Fiscal Year 2014."
"Our growth categories performed well during the first half. Combined, tablet accessories, gaming and wireless speakers grew about 36 percent year over year. Although we have more work in front of us, I am confident that we are on track with our turnaround strategy."
Outlook
For the full Fiscal Year 2014, Logitech continues to expect revenue of approximately $2 billion and GAAP operating income of approximately $50 million, compared to an operating loss in Fiscal Year 2013. The outlook for GAAP operating income now includes year-to-date charges of $13 million, related to restructuring, that were not anticipated when the Company originally provided the outlook in April 2013.
The current outlook for non-GAAP full Fiscal Year 2014 operating income is $100 million, an increase of $13 million compared to the previously expected non-GAAP operating income.
View at TechPowerUp Main Site