Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced financial results for the first quarter of Fiscal Year 2021.
- Q1 sales were $792 million, up 23 percent in US dollars and 25 percent in constant currency, compared to Q1 of the prior year.
- Q1 GAAP operating income grew 76 percent to $83 million, compared to $47 million in the same quarter a year ago. Q1 GAAP earnings per share (EPS) grew 56 percent to $0.42, compared to $0.27 in the same quarter a year ago.
- Q1 non-GAAP operating income grew 75 percent to $117 million, compared to $67 million in the same quarter a year ago. Q1 non-GAAP EPS grew 64 percent to $0.64, compared to $0.39 in the same quarter a year ago.
- Cash flow from operations was $119 million, compared to $37 million in the same period a year ago.
“We delivered an exceptional first quarter and are raising our fiscal year outlook,” said Bracken Darrell, Logitech president and chief executive officer. “We grew sales 25% with strong growth in almost every product category. Our company strategy focuses on four long-term trends: more of us will work from home; video calls will replace audio calls; esports will become as big as conventional sports; and billions of people worldwide will create content, not just a handful of TV and movie studios. Logitech’s business was already positioned to grow from these long-term trends, and since early March they have accelerated, making Logitech more relevant to customers than ever before.”
Logitech raised its Fiscal Year 2021 annual sales outlook from mid single-digit sales growth, to 10 to 13 percent growth in constant currency. The Company also raised its annual outlook for non-GAAP operating income from a range of $380 million to $400 million, to a range of $410 million to $425 million.