When Logitech International (NASDAQ: LOGI) reported its most recent quarterly results after the markets closed on Monday, the computer peripherals maker posted $1.87 in earnings per share (EPS) and $1.26 billion in revenue. The consensus estimates had called for $0.57 in EPS and revenue of $834.55 million. The fiscal second quarter of last year reportedly had EPS of $0.50 on $719.69 million in revenue.
During the latest quarter, net sales increased 75% in U.S. dollars and 73% in constant currency on a year over year basis. This was also the first time ever that Logitech’s quarterly sales exceeded the billion-dollar mark.
Also, non-GAAP operating income increased 295% year over year to $322 million, a massive gain from $68 million last year.
On the books, Logitech’s cash and cash equivalents totaled $917.22 million at the end of the quarter, up from $715.57 million at the end of the previous fiscal year.
Management noted that growth and profitability accelerated again this quarter, and as a result it is raising the annual outlook. The growth trends that drive the business have accelerated as society adjusts to its new reality. Overall, the firm believes that its products are essential to helping customers work, play and create wherever they are. President and CEO Bracken Darrell concluded that Logitech is well positioned for long-term growth.
Looking ahead to the 2021 fiscal full year, the company now expects to see sales growth in the range of 35% to 40% in constant currency and $700 million to $725 million in non-GAAP operating income. The previous outlook called for 10% to 13% in sales growth and $410 million to $425 million in non-GAAP operating income. Analysts are calling for $2.32 in EPS and $3.35 billion in revenue for the fiscal full year.
Logitech stock traded up 16% to $92.92 Tuesday morning, in a 52-week range of $31.37 to $93.89. The consensus price target is $74.94.
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