Logitech Forecasts Strong FY18 Revenue and Profit Growth
07 March 2017 - 4:01PM
Business Wire
Company Targets High Single-Digit Sales Growth
for FY18 and New $250M Share Buyback Program
Prior to a meeting to be held today with financial analysts and
investors in New York, Logitech
International (SIX:LOGN) (Nasdaq:LOGI) announced:
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20170306006433/en/
Logitech International announces its
Fiscal Year 2018 outlook and a new share buyback program as part of
a three-year capital allocation framework. (Photo: Business
Wire)
- A Fiscal Year 2018 outlook of high
single-digit retail sales growth in constant currency and $250 to
$260 million in non-GAAP operating income.
- A new $250 million share buyback
program as part of a three-year capital allocation framework.
The company also reaffirmed its FY 2017 outlook of 12 to 13
percent retail sales growth in constant currency and $225 to $230
million in non-GAAP operating income. At the meeting, Logitech will
offer insight into the five capabilities that will be the engine of
the company’s future growth.
“Our strategy is working,” said Bracken Darrell,
Logitech president and chief executive officer. “We have come
a long way, and we’re just getting started. We have a powerful
combination of design, engineering, marketing, go-to-market and
operations capabilities that will drive sustainable growth over the
long-term.”
Logitech's Analyst and Investor Day will be held today
at 9:00 a.m. Eastern Time. A live webcast and replay of
the meeting will be available on the Logitech corporate
website at http://ir.logitech.com.
Use of Non-GAAP Financial Information
To facilitate comparisons to Logitech’s historical results,
Logitech has included non-GAAP adjusted measures, which exclude
primarily share-based compensation expense, amortization of
intangible assets, purchase accounting effect on inventory,
acquisition-related costs, change in fair value of contingent
consideration for business acquisition, restructuring charges
(credits), gain (loss) on equity-method investment, investigation
and related expenses, non-GAAP income tax adjustment, and other
items detailed under “Supplemental Financial Information” in our
quarterly earnings press release and posted to our website at
http://ir.logitech.com. Historical GAAP and corresponding non-GAAP
measures are provided with our earnings releases and presentations
in the Investors section of our website. Logitech also presents
percentage sales growth in constant currency to show performance
unaffected by fluctuations in currency exchange rates. Percentage
sales growth in constant currency is calculated by translating
prior period sales in each local currency at the current period’s
average exchange rate for that currency and comparing that to
current period sales. Logitech believes this information, used
together with the GAAP financial information, will help investors
to evaluate its current period performance, outlook and trends in
its business. With respect to outlook for non-GAAP operating
income, most of these excluded amounts pertain to events that have
not yet occurred and are not currently possible to estimate with a
reasonable degree of accuracy. Therefore, no reconciliation to the
GAAP amounts has been provided for Fiscal Years 2017 or 2018.
About Logitech
Logitech designs products that have an everyday place in
people's lives, connecting them to the digital experiences they
care about. Over 30 years ago Logitech started connecting people
through computers, and now it’s designing products that bring
people together through music, gaming, video and computing. Founded
in 1981, Logitech International is a Swiss public company listed on
the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select
Market (LOGI). Find Logitech at www.logitech.com, the company blog
or @Logitech.
This press release contains forward-looking statements within
the meaning of the federal securities laws, including, without
limitation, statements regarding: our outlook for Fiscal Year 2017
and Fiscal Year 2018 operating income and sales growth, capital
allocation strategy and share repurchases, capabilities, growth,
future performance and results. The forward-looking statements in
this release involve risks and uncertainties that could cause
Logitech’s actual results and events to differ materially from
those anticipated in these forward-looking statements, including,
without limitation: if our product offerings, marketing activities
and investment prioritization decisions do not result in the sales,
profitability or profitability growth we expect, or when we expect
it; the demand of our customers and our consumers for our products
and our ability to accurately forecast it; if we fail to innovate
and develop new products in a timely and cost-effective manner for
our new and existing product categories; if we do not successfully
execute on our growth opportunities or our growth opportunities are
more limited than we expect; if sales of PC peripherals are less
than we expect; the effect of pricing, product, marketing and other
initiatives by our competitors, and our reaction to them, on our
sales, gross margins and profitability; if our products and
marketing strategies fail to separate our products from
competitors’ products; if we do not fully realize our goals to
lower our costs and improve our operating leverage; if there is a
deterioration of business and economic conditions in one or more of
our sales regions or product categories, or significant
fluctuations in exchange rates. A detailed discussion of these and
other risks and uncertainties that could cause actual results and
events to differ materially from such forward-looking statements is
included in Logitech’s periodic filings with the Securities and
Exchange Commission, including our Annual Report on Form 10-K for
the Fiscal Year ended March 31, 2016 and our Quarterly Report on
Form 10-Q for fiscal quarter ended December 31, 2016, available at
www.sec.gov, under the caption Risk Factors and elsewhere. Logitech
does not undertake any obligation to update any forward-looking
statements to reflect new information or events or circumstances
occurring after the date of this press release.
Note that unless noted otherwise, comparisons are year over
year.
2017 Logitech, Logicool, Logi and other Logitech marks are owned
by Logitech and may be registered. All other trademarks are the
property of their respective owners. For more information about
Logitech and its products, visit the company’s website at
www.logitech.com.
(LOGIIR)
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170306006433/en/
Logitech InternationalBen LuVice President, Investor Relations -
USA510-713-5568orKrista ToddVice President, Global Communications -
USA510-713-5834orBen StarkieCorporate Communications - Europe+41
(0) 79-292-3499
Logitech (NASDAQ:LOGI)
Historical Stock Chart
From Apr 2024 to May 2024
Logitech (NASDAQ:LOGI)
Historical Stock Chart
From May 2023 to May 2024