Logitech introduces Q4 and full fiscal year 2024 outcomes, showcasing impressive performance.

Logitech International, the tech company, has just released its financial results for the fourth quarter and full Fiscal Year 2024, which ended on March 31, 2024. The numbers are in, and they paint a promising picture for the company.

In the fourth quarter of Fiscal Year 2024, Logitech reported sales of $1.01 billion, representing a 5 percent increase in both US dollars and constant currency compared to the same period in the previous year. The company’s GAAP operating income also saw a significant boost, reaching $130 million, a remarkable 235 percent increase from the prior year’s fourth quarter. Meanwhile, non-GAAP operating income reached $159 million, showing a solid 93 percent increase.

Logitech’s earnings per share (EPS) for the fourth quarter were equally impressive. The GAAP EPS stood at $1.07, a remarkable 312 percent increase compared to the prior year’s fourth quarter. The non-GAAP EPS reached $0.99, showing a solid 98 percent increase.

Furthermore, Logitech experienced a positive cash flow from operations in the fourth quarter, amounting to $239 million, representing a 10 percent increase compared to the same period in the previous year.

Moving on to the full Fiscal Year 2024, Logitech reported sales of $4.30 billion, experiencing a slight decline of 5 percent in US dollars and 6 percent in constant currency compared to the prior year. However, despite this dip in sales, Logitech’s GAAP operating income saw a remarkable growth of 28 percent, reaching $587 million. The non-GAAP operating income also experienced a healthy increase of 19 percent, reaching $699 million.

Logitech’s EPS for the full Fiscal Year 2024 showed significant improvement as well. The GAAP EPS reached $3.87, a remarkable 74 percent increase compared to the prior year. The non-GAAP EPS stood at $4.25, showing a solid 32 percent increase.

In terms of cash flow from operations, Logitech experienced a substantial boost of 114 percent, amounting to $1.1 billion compared to the prior year. The company also ended the year with a cash balance of over $1.5 billion. Shareholders were not left out, as Logitech returned $686 million of cash through its annual dividend payment and share repurchases.

Hanneke Faber, Logitech’s chief executive officer, expressed satisfaction with the company’s performance, stating, “We delivered a strong fourth quarter, with a return to growth and expanded gross margins.” Faber also highlighted that the growth was broad-based across all regions and key categories.

Looking ahead to Fiscal Year 2025, Logitech aims for sustainable and profitable growth. The company sees several long-term trends, such as new ways of working, gaming, and transformational AI, as opportunities for its business. Logitech’s ambitious mission of extending human potential in work and play expands its addressable market and innovation opportunities.

Logitech has provided its full-year outlook for Fiscal Year 2025. The company expects sales to range between $4.3 billion and $4.4 billion, with a projected sales growth of 0 to 2 percent in US dollars year over year. The non-GAAP operating income is expected to be between $685 million and $715 million, with a growth or decline of 2 percent to 2 percent year over year.

To discuss the financial results for the fourth quarter and full Fiscal Year 2024, Logitech will hold a videoconference on April 30, 2024. During this event, Logitech’s CEO, Hanneke Faber, will also provide strategic insights on her first 100 days in the role. The livestream of the event will be available on the Logitech corporate website.

In addition to the financial results, Logitech recently announced that Charles “Chuck” Boynton, the company’s chief financial officer (CFO), will be leaving to pursue another career opportunity. Boynton will remain with the company as CFO until mid-May to ensure a seamless transition. Logitech plans to announce Boynton’s successor at a later date. Moreover, the company intends to hold its Annual Investor Day (AID) later this year, providing further opportunities for stakeholders to gain insights into Logitech’s plans and strategies.

Background Information

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About Logitech:

Logitech is a globally recognized multinational technology company founded in 1981. Known for its diverse portfolio of computer peripherals and consumer electronics, Logitech produces a wide range of products, including computer mice, keyboards, webcams, and audio devices. With a strong emphasis on quality, innovation, and user-friendly designs, Logitech has become a trusted brand in the industry, serving both consumers and businesses worldwide.

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