Logitech Profit Up, Outlook Lifted On Strong Sales

Date : 01/26/2011 @ 10:52PM
Source : Dow Jones News
Stock : Logitech International S.A. - Registered Shares (MM) (LOGI)
Quote : 36.92  -0.04 (-0.11%) @ 8:00PM

Logitech Profit Up, Outlook Lifted On Strong Sales

Logitech International S.A. - Registered Shares (MM) (NASDAQ:LOGI)
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Swiss technology company Logitech International SA (LOGN.VX) Thursday raised its full-year outlook after reporting a 14% rise in net profit in the crucial end-year trading period.

The company said now expected to post full year sales of $2.4 billion-$2.42 billion, up from an earlier forecast of $2.35 billion to $2.4 billion, but kept its earlier target of operating profit of $170 million to $180 million, after a strong performance in Asia and its LifeSize video-conferencing business in the three months to Dec. 31.

The pre-Christmas period is when Logitech traditionally generates around 40% of its annual profit.

Analysts had expected the Swiss-listed company, which is based in Romanel-Sur-Morges, to suffer from the impact of growth in touch-screen based products that reduce the need for some of its mice and keyboard products, which made up nearly half of its sales in 2010.

In October Logitech raised its full year sales guidance by $50 million, mainly to take into account contributions from set-top box hardware it has developed for Google Inc.'s (GOOG) Google TV product.

In the latest quarter Logitech's retail sales growth continued in Asia, with a 51% increase following a 38% increase in the second quarter.

In North America, retail sales rose 31% compared with a 19% rise in the second quarter, while Europe turned around a 3% drop in sales to report a 1% increase in the third quarter.

""All of our retail product categories contributed to our sales growth, with double-digit increases in remote controls, pointing devices, video and gaming," said Chief Executive Gerald Quindlen in a statement. "OEM sales made a very solid contribution, and the momentum continued for our LifeSize division, which delivered the highest-ever quarterly sales in its history."

MAIN POINTS:

-3Q 2011 net profit at $65 million versus $57 million in 3Q 2010.

-3Q revenue $754 million versus $617 million in 3Q 2010.

- Performance beat analysts' expectations for revenue at $721.4 million and net profit of $67.7 million.

-By John Revill, Dow Jones Newswires; +41 43 443 8042 ; john.revill@dowjones.com

 
 

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