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Logitech annual sales top forecast on work-from-home boost

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Logitech annual sales top forecast on work-from-home boost
Logitech annual sales top forecast on work-from-home boost   -   Copyright  (c) Copyright Thomson Reuters 2021. Click For Restrictions - https://agency.reuters.com/en/copyright.html
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(Reuters) -Logitech International reported better-than-expected full-year sales on Thursday as the computer peripherals maker benefited from the work-from-home trend during the COVID-19 pandemic.

The maker of computer keyboards, mice and headsets reported full-year sales of $5.25 billion for the year to March 31, increasing by 74% in constant currencies, better than the 63% increase forecast by the company in February.

During its fourth quarter, sales rose 116.6% to $1.54 billion.

The Swiss-U.S. company reported non-GAAP operating income of $1.27 billion, beating the $1.1 billion forecast it gave at its investor day in February. During the fourth quarter, non-GAAP operating income rose 311.6% to $325.1 million.

Logitech raised its earnings guidance four times during the 2021 financial year amid a surge in sales of its products which help people work from home, with peripherals for esports and PC games also seeing a rise.

For 2022, Logitech expects constant currency sales to be flat, plus or minus 5%, confirming its previous outlook.

For the year to the end of March 2022, it raised its forecast for non-GAAP operating income to $800 million to $850 million from previous estimate of $750 million to $800 million

(Reporting by Anirudh Saligrama in Bengaluru and John Revill in Zurich; Editing by Krishna Chandra Eluri)

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