Logitech Q3 Results Miss Estimates

(RTTNews) - Logitech International (LOGN) reported that its third quarter net income decreased to $140.15 million or $0.86 per share from $210.01 million or $1.24 per share in the prior year.

Non-GAAP earnings per share declined to $1.14 from $1.55 in the same quarter a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of $1.18 per share for the quarter. Analysts' estimates typically exclude special items. Sales for the quarter were $1.27 billion, down 22 percent in US dollars and 17 percent in constant currency, compared to the prior year, reflecting the challenging macroeconomic environment. Analysts expected revenue of $1.31 billion for the quarter.

Earlier this month, the company said it 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.

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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