Lausanne (awp) – Logitech has the expectations of & # 39; a mark in & # 39; The first quarter (closed end of June) of the offbeat year 2019/20 disturbed, in terms of profitability in & nbsp; particular. The manufacturer of computer accessories and peripherals has also confirmed CFO Nate Olmstead, which has since the end of May trading.
The California-California multinational generates sales of $ 644.2 million (634.1 million Swiss francs in the run of one day), with 6% year-on-year.
Operating surplus (non-GAAP EBIT, excluding non-recurring factors) was up 11% to $ 67.0 million and net income up 10% to $ 65.6 million, according to a release released last night. from Monday to Tuesday. Included in exceptional items, EBIT reaches 47.5 million and net profit 45.3 million.
Analysts advised by AWP on average expected revenues of $ 635.1 million, with adjusted EBIT of $ 61.8 million and a net income of $ 55.1 million.
Audio and video accessories move forward
"The first quarter was good, we've reached the top end of our reach," Logitech told general manager AWP Bracken Darrell. Growth has been particularly strong for the category of mobile speakers and video accessories. However, the 51% jump at constant exchange rates in the first segment should not be considered a trend, reflecting a part of a favorable base effect.
The video collaboration sector has gone through the expansion that lasted five or six years, the Americans continued. Logitech is investing in new products and software. In local currencies, sales in this segment grew by 28%.
The evolution was significantly less favorable in one of the category games (+ 2%), but not enough to worry Mr Darrell. This is the "Fortnite effect". Thanks to the Fortnite video game, Logitech sold a lot of headsets last year.
The delay in the Asian region is also not a concern, said Bracken Darrell. Afterwards, the region has grown by about 20% over the past two years. "The reality is that such growth will not last forever," he explained. However, the decline is almost unrelated to the Sino-American trade conflict.
In any case, Logitech benefits from its broad geographical footprint, Darrell noted. As activity in Asia weakens, the region of Europe, Middle East and Africa (EMEA) remains.
While Logitech focuses on organic growth, the gains made over the past few years have accelerated growth and further differentiated the business. "As far as we are concerned, we are constantly looking for acquisitions, even now, but we never talk until we have a deal," Darrell said.
Referring to the entire exercise, Logitech management has confirmed their roadmap. The group aims to grow from 5% to 10% of revenue. Net GAAP Ebit is expected to range from $ 375 to $ 385 million.
Bracken Darell does not exclude upward revision of financial goals in & # 39; year: "We did that in the last few years, but after the first year it is still too early to decide on this issue. Topic , he added.
Cantonal Bank Zurich (ZKB) applauded a modified management gain "much better than expected". Vontobel pointed out that growth is supported by all opportunities and a balanced mix of products.
Investors do not salute the achievements of a Valdo-California group. At 3:20 pm, the nominal Logitech flew 6.4% to 41.03 Swiss francs, resulting in an SLI up 0.80%.
JH / VJ / RP