President and CEO Bracken Darrell believes that the adoption of remote work culture coupled with the booming esports markets will be crucial factors that could positively affect the company’s performance in the short and long-term.
Key Highlights For The Quarter: Logitech reported quarterly revenue of $1.26 billion, which grew 75% year-over-year. Quarterly sales crossed the $1 billion mark for the first time.
GAAP operating income was $322 million, representing 372% year-over-year growth from $68 million last year.
GAAP earnings per share rose 263% year-over-year to $1.56, while the Non-GAAP EPS for the quarter was $1.87, growing 274% year-over-year.
Logitech generated $280 million in operating cash flow.
Despite facing an increase in shipping and logistics costs, the company was able to offset its impact with controlled spending on promotions, higher sales volumes, strong demand, and a favorable product mix.
Lockdown restrictions limited the number of events and conferences, which in turn impacted Presenter sales. Keyboards & Combo product segments and the Pointing devices segment clocked 44% and 26% sales growth, respectively.
PC Webcam segment crossed the $100 million quarterly sales milestone to generate $102 million. The management expects the demand and supply of webcams to align with the overall industry levels during the second half of 2021.
Revenues from tablets and other accessories, gaming, video collaboration, and audio wearables increased, whereas collections from mobile speakers and smart homes declined in the quarter.
Americas recorded the highest sales growth of 83%, followed by 69% in Asia with and 62% in EME.
Outlook for Fiscal 2021: Based on the company’s accelerated performance, the management raised its annual revenue growth outlook to a range of 35% to 40% in constant currency, from the previous range of 10% to 13%.
Logitech anticipates Non-GAAP operating income in the range of $700 million to $725 million.
Price Action: LOGI sshares have risen sharply by 18.4% at $94.78 in the pre-market session on last check Tuesday.