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Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the first quarter of Fiscal Year 2024. "While the markets are still challenging, I am proud of the team's achievements during our first quarter," said Guy Gecht, Logitech interim chief executive officer. "Our high-caliber seasoned team, design-led engineering and strong execution truly sets us apart. Our latest innovations and elevated outlook are just a glimpse of Logitech's full potential as we execute our strategic vision."
"This solid first quarter highlights steady progress on many important metrics," said Charles Boynton, Logitech chief financial officer. "We delivered another quarter of reduced inventory and operating expenses while continuing to drive strong cash generation, further fortifying our balance sheet. With one quarter completed, we are pleased to provide a full-year and updated first-half outlook."
Logitech will hold a financial results videoconference to discuss the results for Q1 Fiscal Year 2024 on Tuesday, July 25, 2023 at 8:30 a.m. Eastern Daylight Time and 2:30 p.m. Central European Summer Time. A livestream of the event will be available on the Logitech corporate website.
View at TechPowerUp Main Site
"This solid first quarter highlights steady progress on many important metrics," said Charles Boynton, Logitech chief financial officer. "We delivered another quarter of reduced inventory and operating expenses while continuing to drive strong cash generation, further fortifying our balance sheet. With one quarter completed, we are pleased to provide a full-year and updated first-half outlook."
- Sales were $974 million, down 16 percent in US dollars and 15 percent in constant currency, compared to the prior year.
- GAAP operating income was $78 million, down 32 percent compared to the prior year. Non-GAAP operating income was $109 million, down 25 percent compared to the prior year.
- GAAP earnings per share (EPS) was $0.39, down 36 percent compared to the prior year. Non-GAAP EPS was $0.65, down 12 percent compared to the prior year.
- Cash flow from operations was $240 million, up $275 million compared to the prior year. The quarter-ending cash balance was $1.25 billion.
Logitech will hold a financial results videoconference to discuss the results for Q1 Fiscal Year 2024 on Tuesday, July 25, 2023 at 8:30 a.m. Eastern Daylight Time and 2:30 p.m. Central European Summer Time. A livestream of the event will be available on the Logitech corporate website.
View at TechPowerUp Main Site