It has been a good off-year for computer peripheral manufacturer Logitech so far. In terms of profitability, expectations were far exceeded.
The non-Gaap operating profit doubled to $235 million. The net profit almost doubled to 210 million (+92.7%). According to the SEC, the gross margin for the same period of 2015 was 43.8%, up from 39.2% last year.
The non-Gaap operating profit doubled to USD 235 million. The net profit almost doubled to 210 million (+92.7%). Gross margin for the quarter was 43.8%, up from 39.2% a year earlier.
For the months of April to June 2021, sales increased by 66% to 1.31 billion dollars. In constant currency (cc), the increase was 58%. Non-gaap operating expenses rose to $340 million (+76%), mostly due to marketing and research and development.
AWP consensus expectations called for sales of 1.26 billion and a net profit of 169.4 million.
The Valdese-Californian group has benefited from recent trends such as teleworking, home education, video communication, and the strong growth of the video game sector. Webcams, keyboards, mice, and tablets have seen explosive growth, while connected home and mobile speaker sales have lagged. Investments are being reallocated to the latter segment.
The Americas (+70%), Europe, Africa and the Middle East (+56%), and Asia Pacific (+43%) all contributed to revenue growth.
During fiscal year 2021/2022, Logitech plans to maintain revenues at their record level of 2020/21 and to achieve an operating margin (EBIT) of approximately $800 million to $850 million, non-GAAP.