Logitech Q3 Sales Top US$900M For First Time Ever
Logitech has posted third-quarter sales of US$900 million for the first time ever, with the company attributing the growth to its three major businesses – gaming, PC peripherals and Video collaboration.
Delivering record sales and high profitability over the holiday quarter, Q3 sales were up by 4% (US) and 5% in constant currency compared to last year.
Operating income (GAAP) grew by 4%, up from US$123 million the previous year, with earnings per share growing by 3% to US$0.69.
Non-GAAP operating income reached US$152 million, a growth of 6%.
Logitech also increased its liquidity by US$5 million to US$181 million.
Sales growth in the Asia Pacific region was 3%, consistent with prior quarterly trends.
Declines in the Tablets & Other Accessories and Audio & Wearables categories were offset by Growth in PC Peripherals, Video Collaboration and Gaming.
Bracken Darrell, Logitech president and the chief executive officer stated this is the first time the company has topped US$900 million in quarterly sales.
‘Our three largest businesses – Gaming, PC Peripherals and Video Collaboration – all had robust growth, including double-digit growth in Gaming and Video Collaboration’.
‘Despite the impact of tariffs, [Logitech] delivered strong gross margins of 37.6%,’ which the company attributes to ‘operational execution, continued tariff mitigation efforts, and a favourable product mix’.
Logitech has confirmed its outlook for the 2020 fiscal year with mid to high single-digit sales growth in constant currency.