FUNMAN
10 years ago
Based on LOGI earning consider this:
If the P/E remains the same and they hit the earnings number in the "Outlook" below, the PPS should almost double.
The one good thing about considering if they will reach the number is they keep announcing "beats" all the time.
Just repeating this, the last full year earnings were $102 million or an EPS of 59¢. Their current P/E is almost 22.
There are 173 million outstanding shares.
If they hit their Non-Gaap profit number of $170, that's nearly $1 per share. It's an impressive forecast.
If their P/E drops to 18, that's still an upside of nearly 50%.
With the accounting investigation wrapped up, I suspect there will be changes and restatements made to past filings that won't materially effect the stock's PPS now.
They also haven't announced a dividend for this year. I suspect because of the restatements, that may be the one casualty.
Logitech Delivers Better-Than-Expected Results in Q2 FY 2015
By
Published: Oct 22, 2014 10:00 p.m. ET
Audit Committee’s Independent Investigation Now Closed, Filings to Follow
Time (EDT)
Logitech International S.A.
NEWARK, Calif. & LAUSANNE, Switzerland, Oct 22, 2014 (BUSINESS WIRE) -- Logitech International (six:LOGN) LOGI, +3.31% today announced preliminary unaudited and unreviewed financial results for the second quarter of Fiscal Year 2015.
* Q2 sales were $530 million, essentially flat compared to the prior year, with retail sales up 2 percent.
* Q2 GAAP operating income was $42 million, with GAAP earnings per share (EPS) of $0.22, compared to $0.09 in the same quarter a year ago.
* Q2 non-GAAP operating income was $59 million, with non-GAAP EPS of $0.31, compared to $0.20 a year ago.
* Q2 cash flow from operations was approximately $33 million, doubling year-over-year and the highest Q2 in the last five years.
“Our performance in Q2 shows continued progress toward our full-year objectives, with growth in retail sales, better-than-expected profitability and improved cash generation,” said Bracken P. Darrell, Logitech president and chief executive officer. “Sales in our Growth category – PC Gaming, Mobile Speakers and Tablet and Other Accessories – grew by double digits for the sixth quarter in a row, increasing 27 percent year-over-year in Q2. It was our sixth consecutive quarter in which Mobile Speakers sales more than doubled. We’ve entered the second half of the year with a robust product portfolio and a pipeline of compelling new products set to launch in the coming quarters. This is our strategy of delivering fewer and bigger products in action.”
Outlook
Logitech confirmed its outlook for Fiscal Year 2015 of approximately $2.16 billion in sales, assuming relatively stable currency exchange rates, and approximately $170 million in non-GAAP operating income.
Prepared Remarks Available Online
Logitech has made its prepared written remarks for the financial results teleconference available online on the Logitech corporate Web site at http://ir.logitech.com.
Financial Results Teleconference and Webcast
Logitech will hold a financial results teleconference to discuss the preliminary results for Q2 FY 2015 on Oct. 24, 2014 at 8:30 a.m. Eastern Daylight Time and 14:30 Central European Summer Time. A live webcast of the call will be available on the Logitech corporate website at http://ir.logitech.com.
Audit Committee Investigation Closed
As previously disclosed, Logitech’s Audit Committee, with the assistance of independent advisors, was conducting an independent investigation of certain accounting matters related to the Company’s previously issued financial statements. The investigation is now closed.
With the investigation closed, Logitech is performing the necessary work to complete and file its Annual Report for FY 2014, Annual Report on Form 10-K for FY 2014 and Quarterly Reports on Form 10-Q for Q1 and Q2 FY 2015. The Company intends to file these reports as soon as possible to regain compliance with Nasdaq and SIX Swiss Exchange listing requirements.
Last month, Logitech announced the restatement of its financial statements for Fiscal Years 2011 and 2012 and for the first quarter of Fiscal Year 2012, related to inventory valuation reserves for the Company’s discontinued Revue product. In connection with the restatement, there will be other immaterial corrections to the financial statements for Fiscal Years 2010 and 2013, as well as the first and second quarters of Fiscal Year 2014. None of these other corrections are material to the respective years or to the interim period.
Preliminary financial information for the second quarter of Fiscal Year 2015 was compiled by the Company and has not yet been reviewed by the Company’s independent registered public accounting firm. Accordingly, the preliminary results for the first and second quarters of Fiscal Year 2015 and the results for the corresponding period of Fiscal Year 2014 contained in this press release may be subject to potentially material adjustment.
Use of Non-GAAP Financial Information
To facilitate comparisons to Logitech’s historical results, Logitech has included non-GAAP adjusted measures, which exclude share-based compensation expense, amortization of other intangible assets, restructuring charges (credits), other restructuring-related charges, investment impairment (recovery), benefit from (provision for) income taxes, one-time special charges and other items detailed under “Supplemental Financial Information” after the tables below. Logitech believes this information will help investors to evaluate its current period performance and trends in its business. With respect to the Company’s outlook for Fiscal Year 2015 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 amount has been provided.
About Logitech
Logitech is a world leader in products that connect people to the digital experiences they care about. Spanning multiple computing, communication and entertainment platforms, Logitech’s combined hardware and software enable or enhance digital navigation, music and video entertainment, gaming, social networking, audio and video communication over the Internet, video security and home-entertainment control. Founded in 1981, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI).
This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding: the Company’s product portfolio, new products, timing of new product launches, strategy and Fiscal Year 2015 revenue and operating income; currency exchange rates; the timing of filing periodic reports with the Securities and Exchange Commission and the SIX Swiss Exchange to regain compliance with the Company’s listing requirements; and the impact and materiality of the restatement on and other corrections to the Company’s financial statements. 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: the results of the Audit Committee’s investigation and the completion of the additional work related to the Company’s Fiscal Year 2014 Annual Report, Fiscal Year 2014 Annual Report on Form 10-K, and Fiscal Year 2015 First and Second Quarter Quarterly Reports on Form 10-Q; any adjustments resulting from the review of the preliminary financial results for the first and second quarter of Fiscal Year 2015 by the Company’s independent auditors or from the review of subsequent events, including reserves and estimates, through the dates of filing the Fiscal Year 2014 Annual Report on Form 10-K and the Fiscal Year 2015 First and Second Quarter Quarterly Reports on Form 10-Q; if there is a delay in completing the Fiscal Year 2014 audit of financial statements and internal controls or the First and Second Quarter of Fiscal Year 2015 accounting reviews; 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; the demand of our customers and our consumers for our products and our ability to accurately forecast 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 in our new product categories or our growth opportunities are more limited than we expect; if sales of PC peripherals in mature markets are less 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 operating segments, or significant fluctuations in exchange rates; the effect of changes to our effective income tax 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, 2013 and our Amended Annual Report on Form 10-K/A for the fiscal year ended March 31, 2013, 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, the Logitech logo, and other Logitech marks are registered in Switzerland 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 Web site at www.logitech.com.
(LOGIIR)
SOURCE: Logitech International
Logitech International
Joe Greenhalgh
Vice President, Investor Relations – USA
510-713-4430
Krista Todd
Sr. Director, External Communications – USA
510-713-5834
Ben Starkie
Corporate Communications – Europe
+41-(0) 79-292-3499
Copyright Business Wire 2014
FUNMAN
10 years ago
This ZACKS article is interesting in the context they use, and what I see independently in the sector.
LOGI isn't a screaming buy but with the upward analyst revisions to an annual EPS of 71¢, the forward PE comes down to 19.
What makes this compelling are several things I have watched very closely:
1) When the LOGI excitement of the turn-around was in full swing, the PE was so far ahead of itself, at one point the PE was well over 50. That's crazy scary and can only be assigned to a growth company.
2) The LOGI turn-around is firmly in place going on two years already, and continues to be implemented.
3) The LOGI share price is more than $2 below it's 3 year high reached earlier this year in February.
4) The chart below only goes back 5 quarters. What's compelling are the consistent earnings beats.
EARNINGS SURPRISES
http://investing.money.msn.com/investments/earnings-estimates?symbol=LOGI
DESCRIPTION (6/13) (9/13) (12/13) (3/14) (6/14)
Estimate- 0.11 0.05 0.14 -0.01 0.06
Actual 0.02 0.17 0.32 0.10 0.19
Difference 0.13 0.12 0.18 0.11 0.13%
Change +118.18% +240.00% +128.57% +1,100.00% +216.67%
With the PE valuation coming in-line, any EPS beats are going to finally start to drive the share price up again. LOGI's fundamentals have finally caught up with the share price.
Why Logitech (LOGI) Stock Might be a Great Pick
August 20, 2014
by Zacks Equity Research
Published on August 20, 2014
One stock that might be an intriguing choice for investors right now is Logitech International SA (LOGI - Analyst Report). This is because this security in the peripheral equipments space is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective.
This is important because, often times, a rising tide will lift all boats in an industry, as there can be broad trends taking place in a segment that are boosting securities across the board. This is arguably taking place in the peripheral equipments space as it currently has a Zacks Industry Rank of 17 out of more than 250 industries, suggesting it is well-positioned from this perspective, especially when compared to other segments out there.
Meanwhile, Logitech is actually looking pretty good on its own too. The firm has seen solid earnings estimate revision activity over the past month, suggesting analysts are becoming a bit more bullish on the firm’s prospects in both the short and long term.
In fact, over the past month, current quarter estimates have risen from 16 cents a share to 17 cents a share, while current year estimates have risen from 66 cents a share to 71 cents a share. This has helped LOGI to earn a Zacks Rank #1 (Strong Buy), further underscoring the company’s solid position.
So, if you are looking for a decent pick in a strong industry, consider Logitech. Not only is its industry currently in the top third, but it is seeing solid estimate revisions as of late, suggesting it could be a very interesting choice for investors seeking a name in this great industry segment.
FUNMAN
10 years ago
Logitech: This Peripheral Company Is Poised For Growth
August 05, 2014
LOGI was getting way ahead of itself price wise earlier this year, so the PPS pull back was justified. Now that their execution caught up to the price, I agree that LOGI is finally going to start rising based on strong underlying fundamentals.
LOGI trades with the market, so down days drag it down. It's given back more than half it's gain after another terrific earnings report two weeks ago. I'm just waiting to see how the correction is shaking out and then I am going to add to my position.
Disclosure: I am long LOGI and bought several times during the spring and summer of 2013 in the mid $6's and low $7's.
Logitech (LOGI) concluded fiscal 2014 in a solid fashion, delivering better than expected results. It seems that its three-year turnaround strategy is on a roll. Logitech was pleased with sales of its products, which were well-accepted by customers, enabling the company to achieve its goals that it set at the beginning of the fiscal year. On the back of its strong momentum, the company expects its sales and profitability to improve in the future.
Strong opportunities ahead
Logitech is seeing exciting growth opportunities in PC gaming, while the growing acceptance of tablets, mobile speakers and other accessories are some more tailwinds. Logitech is also well-positioned to expand its footprint beyond its traditional PC peripheral business. Moreover, it is also keeping a check over its expenses. It expects its cost cutting initiatives to be a key earnings growth driver in this new fiscal year as well.
Logitech’s moves are more dedicated toward profitability, and the company is now focusing on innovation to deliver better products. In this regard, the company’s moves to hire a chief design officer should lead to long-term improvements. The company has seen good progress in customers' purchase satisfaction levels for its products, which is justified by 121 design awards that it won recently.
Cost-cutting moves
Logitech is looking to continue its cost-cutting moves to improve its top line and profitability. Besides these initiatives, Logitech is also working on strengthening its savings strategy. Recently, Logitech also booked a $5 million restructuring charge as a part of its infrastructure savings, but it believes that these short-term pains will lead to long-term improvements.
It has consolidated its Silicon Valley campus from two to one. With this consolidation, Logitech is moving into an open space environment to improve collaboration. The company appears to be in good shape, and with such commendable moves, it can become a faster and more profitable company in the near future.
The way forward
Logitech's business model can deliver consistent cash flow on an annual basis. The company is well positioned for robust performance in fiscal 2015. It is expecting much traction in the PC gaming segment, driven by the launch of its newest gaming peripheral, the G502 Proteus Core tunable mouse. This product is already in good demand in the market. The company believes that there is solid potential for it to drive share gains in fiscal 2015. Further, Logitech has said that it will launch new, innovative gaming products in the coming months.
Moving on to the tablet segment, Logitech is seeing positive trends and expects that sales of tablets will increase in the coming days. So it is working on positioning its tablet keyboard to capture the market. The low price on the keyboards will also be an added advantage for the company. Logitech recently announced three new protected cases for the iPad, and more product introductions can be expected from throughout the fiscal year.
In the mobile speaker segment, Logitech sees strong demand for its new speaker, the UE BOOM. The company was not sure about the acceptance of this speaker, but it has outpaced expectations and has become a key reason for tripling speaker sales in the last year.
Conclusion
Logitech is seeing positive trends throughout the business. In addition, the company is laser-focused on cost-cutting and innovations. As such, investors should definitely consider investing in Logitech for the long run.
FUNMAN
11 years ago
This is a fantastic reinvention of an existing product and transforming it into a must have new one, ala Apple adding colors to their i-phones. It gives someone a new reason to buy a new mouse just for the heck of it. My suggestion to LOGI would be to make them for sports teams too.
Logitech Global Fan Collection M317 wireless mice debut clad in national flags
http://www.slashgear.com/logitech-global-fan-collection-m317-wireless-mice-debut-clad-in-national-flags-07316096/
Logitech has been making mice and other computer peripherals for a very long time. The company makes some of the most popular mice out there and it is back with a new series of wireless mice. The new series is called The Global Fan Collection and all are designed to support national and team pride.
Logitech doesn't really say what sort of fans the mice are designed to woo, it really doesn't matter if your sport is soccer, football, or the Olympics, everyone takes pride in their national flag. The mouse used for the collection is the Logitech Wireless Mouse M317.
There are 13 different flag designs that you can get on the mouse. Logitech does say that they may not all be available in all regions. The flags available include the US, Argentina, UK, Brazil, France, Italy, Nederland, Spain, Russia, Mexico, Switzerland, Portugal, and Germany. Each of the flag bearing mice is $29.99.
The wireless mouse includes a very small Logitech Unifying Receiver that you can plug in your USB port and leave. The wireless range is up to 25 meters. Logitech also claims that the mouse can go a full year on a single AA battery. The sensitivity of the mouse is unknown.
FUNMAN
11 years ago
I am beginning to believe management has a firm grip on what they have to do and won't disappoint at this presentation. The share price will have a post presentation bump up.
Logitech Inc.
Logitech to Brief Financial Community on Progress with its Turnaround and Growth Opportunities in Mobility
Meeting to Be Held on March 6 in New York City
NEWARK, Calif. & LAUSANNE, Switzerland--(BUSINESS WIRE)-- Logitech International (SIX: LOGN) (NASDAQ: LOGI) today announced it will hold an Analyst and Investor Day in New York City on Thursday, March 6, 2014. Presentations will begin at 9:00 a.m. Eastern Standard Time and 15:00 Central European Time. The half-day meeting will feature presentations by Logitech executives covering an update on the company's turnaround, key company growth opportunities, especially in mobility, business strategy and financial model. A live webcast and replay of the meeting will be available on the Logitech corporate Web site at http://ir.logitech.com.
About Logitech
Logitech is a world leader in products that connect people to the digital experiences they care about. Spanning multiple computing, communication and entertainment platforms, Logitech's combined hardware and software enable or enhance digital navigation, music and video entertainment, gaming, social networking, audio and video communication over the Internet, video security and home-entertainment control. Founded in 1981, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI).
Logitech, the Logitech logo, and other Logitech marks are registered in Switzerland 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)
Logitech International
Joe Greenhalgh
Vice President, Investor Relations - USA
510-713-4430
or
Nancy Morrison
Vice President, Corporate Communications - USA
510-713-4948
or
Laura Scorza
Sr. Public Relations Manager - Europe
+41-(0) 21-863-5336
Source: Logitech International
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