Logitech Q3 Preliminary Results Down; Cuts FY Outlook

(RTTNews) - Logitech International (LOGI) reported that its third quarter preliminary GAAP operating income and net sales declined from last year, reflecting challenging macroeconomic conditions that included a slowdown in sales to enterprise customers in the quarter.

The company cut its full-year outlook, citing the softer than expected third quarter results, and uncertainty in supply availability related to the current Covid outbreak in China.

Preliminary GAAP operating income is between $171 million and $176 million, down between 33 and 35 percent, compared to $263 million in the same quarter a year ago.

Preliminary non-GAAP operating income is between $198 million and $203 million, down between 33 and 34 percent, compared to $302 million in the same quarter a year ago.

Preliminary third quarter net sales are between $1.26 billion and $1.27 billion, down between 22 and 23 percent in US dollars and 17 and 18 percent in constant currency, compared to the prior fiscal year.

Logitech cut its fiscal Year 2023 outlook to between negative 13 percent and negative 15 percent sales growth in constant currency, and between $550 million and $600 million in non-GAAP operating income.

The company had previously provided an outlook of between negative 4 percent and negative 8 percent sales growth in constant currency, and between $650 million and $750 million in non-GAAP operating income.

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