Logitech Confirms FY 2016 Outlook with Q1 Sales of $470 Million

Logitech International (SIX:LOGN) (Nasdaq:LOGI) today announced financial results for the first quarter of Fiscal Year 2016.

• Q1 sales were $470 million, down 2 percent compared to Q1 of the prior year. Q1 retail sales were $425 million and grew 7 percent in constant currency.
• Q1 GAAP operating income was $7 million. This includes $13 million in restructuring costs. Q1 GAAP earnings per share (EPS) were $0.04, compared to $0.12 in the same quarter a year ago.
• Q1 non-GAAP operating income was $31 million, with non-GAAP EPS of $0.16, compared to $0.22 in the same quarter a year ago.

"Our first quarter results are encouraging and put us strongly on track for FY 2016," said Bracken P. Darrell, Logitech president and chief executive officer. "We are on the offensive, focusing on our retail business in order to accelerate our transition to growth - Q1 retail sales grew 7 percent in constant currency. We look forward to carrying good momentum into the rest of fiscal year 2016 as we unveil another fantastic portfolio of exciting, new products. As planned, we have made excellent progress in preparing the business for the year to come - we're on course to exit OEM by the end of calendar year 2015; we're reorganizing Lifesize around the cloud; and we continue to optimize our costs to invest even more in growth."

Outlook

Logitech confirmed its FY 2016 outlook of $150 million in non-GAAP operating income and 7 percent growth for retail sales in constant currency.

Prepared Remarks Available Online

Logitech has made its prepared written remarks for the financial results teleconference available online on the Logitech corporate Web site at http://ir.logitech.com.

Financial Results Teleconference and Webcast

Logitech will hold a financial results teleconference to discuss the results for Q1 FY 2016 on Jul. 23, 2015 at 8:30 a.m. Eastern Daylight Time and 2:30 p.m. Central European Summer Time. A live webcast of the call will be available on the Logitech corporate website at http://ir.logitech.com.

Last updated: Apr 7, 2020 at 01:09 pm CDT