Logitech raises yearly forecasts after jump in quarterly operating income

Logitech International raised its annual forecasts on Tuesday and reported a more than threefold jump in quarterly adjusted operating income, benefiting from a pandemic-driven boost in demand for work-from-home products and gaming accessories.

The computer-peripherals maker is raising the 2021 outlook for sales growth and profit for the third time. It now expects sales growth for the full year at 57 per cent to 60 per cent in constant currency terms and adjusted operating income of $1.05 billion (€827 million).

Demand for its video-conferencing devices and computer-gaming peripherals soared as more people worked from home, while gaming console sales jumped as cinemas and other leisure facilities were closed.

Sales at the company, which makes mobile speakers, keyboards, mice and video-conferencing devices, increased 85 per cent to $1.67 billion in the third quarter, which has traditionally been the company’s biggest sales period.

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Logitech had previously forecast annual sales growth of 35-40 per cent in constant currency terms and adjusted operating income of $700-$725 million.

The company has one of its key offices in Co Cork, hosting approximately 200 staff in design, engineering, product development, finance, supply chain, people and culture, and IT. The company announced earlier this month that it is to create more than 50 jobs at the Cork facility over the next three years

“We are increasingly investing in our capabilities and people for the growth potential we see in the future,” Bracken Darrell, Logitech chief executive said.

Excluding items, the Swiss-US company’s net profit rose to $2.45 per share in the three months ending December, up from $0.84 per share a year earlier. – Reuters