Logitech International SA · Q1 2021 earnings

Briefing

Growth accelerated with Q1 revenue up 23% and profits increasing 76%.

Logitech's Q1 sales were $792 million, up 23 percent. GAAP operating income grew 76 percent to $83 million and non-GAAP operating income grew 75 percent to $117 million. The company raised its Fiscal Year 2021 annual sales outlook from mid single-digit sales growth to 10 to 13 percent growth in constant currency.

• 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.

Headline financials

Revenue & EPS history

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.