What's Going On With Logitech Shares Premarket Tuesday?

Zinger Key Points
  • Logitech reports Q4 FY24 results, surpassing revenue expectations and doubling adjusted operating income.
  • Strong performance across Video Collaboration, Gaming, Keyboards & Combos, and Pointing Devices categories fuels Logitech's success.

Logitech International S.A. LOGI shares are trading lower, reversing its earlier gains, premarket today after it reported fourth-quarter FY24 results.

Revenue rose 5% Y/Y (both reported and constant currencies) to $1.01 billion, exceeding the consensus of $956.1 million.

By category, sales in Video Collaboration rose 3% Y/Y, Gaming increased 7% Y/Y, while Keyboards & Combos sales and Pointing Devices were up by 15% Y/Y and 6% Y/Y respectively.  

Adjusted gross margin expanded to 43.6% from 36.3% a year ago. Adjusted operating income grew 93% Y/Y to $159 million in the quarter.

Adjusted EPS of $0.99 beat the consensus of $0.63.

Logitech held over $1.5 billion in cash and equivalents at the end of FY24 and generated $239 million in operating cash flow in the quarter.

In FY24, Logitech returned $686 million to shareholders through share repurchases and dividends.

FY25 Outlook: The company expects sales of $4.3 billion – $4.4 billion (up 0% – 2%, vs. consensus: $4.395 billion) and adjusted operating income of $685 million – $715 million (-2% to +2% Y/Y).

Last month, Logitech disclosed the departure of chief financial officer (CFO) Charles ‘Chuck' Boynton in May.

Hanneke Faber, Logitech chief executive officer, said, “We start Fiscal Year 2025 with a focus on sustainable, profitable growth supported by several long-term trends that present opportunities for our business: new ways of working, gaming, and transformational AI. Our new, ambitious mission of extending human potential in work and play expands our addressable market and our innovation opportunities.”

Price Action: LOGI shares are down 1% at $78.62 premarket at the last check Tuesday.

Photo via Wikimedia Commons

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In:
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!