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dpa-AFX: Logitech Q1 Results Beat View; Reiterates Full-year Outlook

| Quelle: dpa-AFX Analysen
ROMANEL-SUR-MORGES (dpa-AFX) - Computer interface devices maker Logitech International S.A. (LOGI) on Wednesday reported a 62 percent decline in profit for the first quarter from last year, reflecting lower revenues and weak margins amid currency headwinds. The quarter's results also reflect restructuring costs. However, both revenue and adjusted earnings per share for the quarter beat analysts' expectations. Looking ahead, Logitech reaffirmed its financial outlook for fiscal 2016. Bracken Darrell, Logitech president and CEO said, 'Our first quarter results are encouraging and put us strongly on track for FY 2016. We are on the offensive, focusing on our retail business in order to accelerate our transition to growth - Q1 retail sales grew 7 percent in constant currency.' The Switzerland-based company's net income for the first quarter was $7.44 million or $0.04 per share, down from $19.68 million or $0.12 per share in the prior-year quarter. The latest quarter's results included $13 million in restructuring costs. Excluding items, adjusted net income for the quarter was $26.74 million or $0.16 per share, compared to $36.27 million or $0.22 per share in the year-ago quarter. On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.11 per share for the quarter. Analysts' estimates typically exclude special items. Net sales for the quarter declined 2 percent to $470.32 million from $482.20 million in the same quarter last year, but grew by 4 percent in constant currency. Analysts had a consensus revenue estimate of $467.85 million. Net sales through retail channel, representing about 90 percent of total company sales, edged up from the year-ago period to $425.39 million and grew 7 percent in constant currency. Sales to OEMs decreased 32 percent to $22.30 million, while sales for video conferencing declined 12 percent to $22.63 million. Among the product families sold through retail channel, gaming sales declined 7 percent to $43.67 million, while tablet and other accessories sales decreased 41 percent to $18.81 million. Mobile speakers retail sales surged 41 percent to $40.54 million and video collaboration revenues grew 39 percent to $21.18 million. The company's gross profit margin contracted 120 basis points from last year to 36.5 percent, while operating margin decreased 320 basis points to 1.5 percent. Total operating expenses increased 4 percent from the year-ago period to $164.76 million. Looking ahead, Darrell said, 'As planned, we have made excellent progress in preparing the business for the year to come - we're on course to exit OEM by the end of calendar year 2015; we're reorganizing Lifesize around the cloud; and we continue to optimize our costs to invest even more in growth.' For fiscal 2016, Logitech reaffirmed its outlook for adjusted operating income of $150 million and 7 percent growth for retail sales in constant currency. The company continues to expect restructuring charges between $15 million and $20 million for the year. LOGI closed Wednesday's trading at $13.28, down $0.77 or 5.48 percent on a volume of 944,368 shares. In after-hours, the stock declined $0.01 or 0.08 percent to $13.27. Copyright RTT News/dpa-AFX

LOGITECH INTL NA SF -,25

Xetra 13,05 -2,20%
EUR 24.07.2015 -0,29

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