Logitech Forecasts Continued Robust Growth for Fiscal Year 2019
March 05 2018 - 9:00PM
Business Wire
Company Looks Toward Sixth Consecutive Year of
Growth
In advance of a meeting to be held with financial analysts and
investors in Zurich, Logitech
International (SIX:LOGN) (Nasdaq:LOGI) today:
- Announced a Fiscal Year 2019 outlook of
high single-digit sales growth in constant currency and $310
million to $320 million in non-GAAP operating income, an increase
of approximately 15 percent from the midpoint of the Company’s
profitability outlook for Fiscal Year 2018.
- Reaffirmed its Fiscal Year 2018 outlook
of 12 to 14 percent sales growth in constant currency and $270
million to $280 million in non-GAAP operating income.
“Fiscal Year 2019 will be our sixth consecutive year of growth,”
said Bracken Darrell, Logitech president and chief executive
officer. “We are progressing toward our vision of Logitech as a
multi-category, multi-brand design company. Our design,
engineering, marketing, go-to-market and operations capabilities
are the engine behind our continued growth - an engine we’re
investing in for the future.”
Logitech's Analyst and Investor Day will be held today
at 9:00 a.m. Central European Time. A live webcast and
replay of the meeting will be available on the Logitech
corporate website at http://ir.logitech.com.
Use of Non-GAAP Financial Information and Constant
Currency
To facilitate comparisons to Logitech’s historical results,
Logitech has included non-GAAP adjusted measures, which exclude
share-based compensation expense, amortization of intangible
assets, purchase accounting effect on inventory,
acquisition-related costs, change in fair value of contingent
consideration for business acquisition, restructuring charges
(credits), gain (loss) on investments in privately held companies,
investigation and related expenses, non-GAAP income tax adjustment,
and other items detailed under “Supplemental Financial Information”
in our quarterly earnings press releases and posted to our website
at http://ir.logitech.com. Historical GAAP and corresponding
non-GAAP measures are provided with our earnings releases and
presentations in the Investors section of our website. Logitech
also presents percentage sales growth in constant currency to show
performance unaffected by fluctuations in currency exchange rates.
Percentage sales growth in constant currency is calculated by
translating prior period sales in each local currency at the
current period’s average exchange rate for that currency and
comparing that to current period sales. Logitech believes this
information, used together with the GAAP financial information,
will help investors to evaluate its current period performance and
trends in its business. With respect to the Company’s outlook for
non-GAAP operating income, most of these excluded amounts pertain
to events that have not yet occurred and are not currently possible
to estimate with a reasonable degree of accuracy. Therefore, no
reconciliation to the GAAP amounts has been provided for Fiscal
Years 2018 or 2019.
About Logitech
Logitech designs products that have an everyday place in
people's lives, connecting them to the digital experiences they
care about. More than 35 years ago, Logitech started connecting
people through computers, and now it’s a multi-brand company
designing products that bring people together through music,
gaming, video and computing. Brands of Logitech include Ultimate
Ears, Jaybird, Logitech G and ASTRO Gaming. Founded in 1981, and
headquartered in Lausanne, Switzerland, Logitech International is a
Swiss public company listed on the SIX Swiss Exchange (LOGN) and on
the Nasdaq Global Select Market (LOGI). Find Logitech at
www.logitech.com, the company blog or @Logitech.
This press release contains forward-looking statements within
the meaning of the federal securities laws, including, without
limitation, statements regarding: our outlook for Fiscal Year 2018
operating income and sales growth, our outlook for Fiscal Year 2019
operating income and sales growth, consecutive years of growth, our
vision, and investments in our business. The forward-looking
statements in this release involve risks and uncertainties that
could cause Logitech’s actual results and events to differ
materially from those anticipated in these forward-looking
statements, including, without limitation: if our product
offerings, marketing activities and investment prioritization
decisions do not result in the sales, profitability or
profitability growth we expect, or when we expect it; if we fail to
innovate and develop new products in a timely and cost-effective
manner for our new and existing product categories; if we do not
successfully execute on our growth opportunities or our growth
opportunities are more limited than we expect; the effect of
pricing, product, marketing and other initiatives by our
competitors, and our reaction to them, on our sales, gross margins
and profitability; if our products and marketing strategies fail to
separate our products from competitors’ products; if we do not
fully realize our goals to lower our costs and improve our
operating leverage; if there is a deterioration of business and
economic conditions in one or more of our sales regions or product
categories, or significant fluctuations in exchange rates. A
detailed discussion of these and other risks and uncertainties that
could cause actual results and events to differ materially from
such forward-looking statements is included in Logitech’s periodic
filings with the Securities and Exchange Commission, including our
Quarterly Report on Form 10-Q for the fiscal quarter ended December
31, 2017 and our Annual Report on Form 10-K for the fiscal year
ended March 31, 2017, available at www.sec.gov, under the caption
Risk Factors and elsewhere. Logitech does not undertake any
obligation to update any forward-looking statements to reflect new
information or events or circumstances occurring after the date of
this press release.
Note that unless noted otherwise, comparisons are year over
year.
Logitech and other Logitech marks are trademarks or registered
trademarks of Logitech Europe S.A and/or its affiliates in the U.S.
and other countries. All other trademarks are the property of their
respective owners. For more information about Logitech and its
products, visit the company’s website at www.logitech.com.
(LOGIIR)
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version on businesswire.com: http://www.businesswire.com/news/home/20180305006278/en/
Logitech InternationalBen LuVice President, Investor Relations -
USA+1 510-713-5568orKrista ToddVice President, Global
Communications - USA+1 510-713-5834orBen Starkie,Corporate
Communications - Europe+41 (0) 79-292-3499
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