Logitech International 4Q Net $2.8 Million Vs $24.5 Million
28 April 2011 - 12:56PM
Dow Jones News
Computer technology maker Logitech International S.A. (LOGN.VX)
Thursday said fourth quarter profit fell 89% on year, resulting in
a weak end to what the company described as an otherwise 'strong'
year, but it expects its performance to improve in the current
fiscal year.
"The disappointing conclusion to FY 2011--which resulted in
lower-than expected full-year sales, operating income and gross
margin--was due to weaker than anticipated demand in the second
half of Q4 for our products in Europe, Middle East and Africa. The
weakness in demand in EMEA was compounded by poor execution of
channel pricing and promotional programs within the region, which
we have begun to remedy," said Chief Executive Gerald Quindlen in a
statement.
Net profit fell to $2.8 million in the period from $24.5 million
a year earlier, worse than expectations of $5.9 million.
Sales at the Swiss company, which makes computer mice,
television remote controls and keyboards, were $548 million, up 4%
from $525.4 million and slightly better than the $545.5 million
forecast by analysts in a Dow Jones Newswires Poll.
In its statement, Logitech, which also makes a set-top box for
Google Inc's (GOOG) Google TV, said it expects sales of
approximately $2.6 billion in the 2012 fiscal year, operating
income of approximately $185 million and a gross margin of
approximately 35%.
For the full 2011 fiscal year, sales were $2.36 billion, up 20%
from $1.97 billion. Operating income was $142.7 million, up 82%
from $78.4 million the previous year. Gross margin was 35.4%
compared to 31.9%.
-By John Revill, Dow Jones Newswires; +41 43 443 8042 ;
john.revill@dowjones.com
Logitech (NASDAQ:LOGI)
Historical Stock Chart
From Apr 2024 to May 2024
Logitech (NASDAQ:LOGI)
Historical Stock Chart
From May 2023 to May 2024