Why the price went up today
- Logitech International SA (NASDAQ:LOGI) stock price rose 2.39% today. That’s why it happened.
Logitech International SA (NASDAQ:LOGI) stock price rose 2.39% today. Investors are reacting positively to the company’s third quarter results.
— Sales amounted to $1.63 billion, down 2% in US dollars and constant currencies, compared to the third quarter of the previous year. This performance nearly supports last year’s record third quarter sales, which increased 85% in US dollars and 80% in constant currency.
— Sales in the US dollar category increased 29% in keyboards and combos and 8% in pointing devices and games, compared to the third quarter of the previous year. Video collaboration was up 24% quarter-over-quarter and down 2% from the prior year’s third quarter, when sales were up more than 200%.
– GAAP operating profit fell 41% to $263 million from $448 million in the same quarter a year ago. Non-GAAP operating profit fell 37% to $302 million from $476 million in the same quarter a year ago. This reflects the company’s planned strategic investments in marketing and innovation to drive future growth. Non-GAAP operating income nearly doubled from two years ago.
– GAAP earnings per share (EPS) fell 44% to $1.24 from $2.22 in the same quarter a year ago. Non-GAAP EPS fell 37% to $1.55 from $2.45 in the same quarter a year ago.
— Operating cash flow was $377 million. The company returned $116 million in cash to shareholders through share buybacks. Year-to-date, the Company has returned a total of $450 million to shareholders in the form of dividends and share buybacks, more than double the amount in the same period last year.
Logitech raised its full-year outlook for fiscal 2022 to sales growth of between 2% and 5% in constant currency, and between $850 million and $900 million in non-GAAP operating profit. And the company’s previous outlook was flat constant-currency sales growth, plus or minus five percent, and non-GAAP operating profit of $800 million to $850 million.
“I am delighted to now have a year of growth in view for fiscal 2022, in addition to last year’s outstanding performance. Our third quarter results reflect the strength of our operating capabilities, our innovation engine and the choices we’ve made to position ourselves in line with long-term trends affecting work, play and creation.
— Bracken Darrell, President and CEO of Logitech
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