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Logitech Continues On Growth Path

Newark, Calif. — Logitech’s turnaround continued in the second quarter as the company reported net profit more than doubled to $36.1 million.

While overall retail sales were only up 2 percent over the prior year’s quarter, operating income, earnings per share and operational cash flow were up significantly, with cash flow doubling year over year.

“Our performance in Q2 shows continued progress toward our full-year objectives, with growth in retail sales, better-than-expected profitability and improved cash generation,” said Bracken Darrell, president and CEO. “Sales in our growth category — PC gaming, mobile speakers and tablet and other accessories — grew by double digits for the sixth quarter in a row, increasing 27 percent year over year in Q2. It was our sixth consecutive quarter in which mobile speakers sales more than doubled. We’ve entered the second half of the year with a robust product portfolio and a pipeline of compelling new products set to launch in the coming quarters. This is our strategy of delivering fewer and bigger products in action.”

Sales gains were also reported for keyboards and PC accessories, video accessories and the company’s Harmony remote line.

Gross margins grew to 38.6 percent.

Logitech confirmed its outlook for fiscal 2015 of approximately $2.16 billion in sales, assuming relatively stable currency exchange rates, and approximately $170 million in non-GAAP operating income.