Computer parts maker Logitech raises full-year guidance
economictimes.indiatimes.comLogitech International lifted its full-year guidance on Tuesday after the computer keyboard and webcam maker increased profit and slowed the rate of its sales downturn during its second quarter ended Sept. 30.
The Swiss-American company, which experienced a strong pandemic as people stocked up on its equipment to work from home, added it was closer to finding a new CEO after Bracken Darrell left in June to take charge of Vans sneaker maker VF Corp.
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Offering CollegeCourseWebsiteMITMIT Technology Leadership and InnovationVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisit Both developments are likely to boost the company, whose chairperson Wendy Becker came under fire from co-founder Daniel Borel last month.
The company's stock, which closed Monday at 61.9 Swiss francs, was indicated to rise 8.2% in premarket activity on the Zurich stock exchange.
«We made great progress toward a return to growth and exceeded our pre-pandemic profit levels,» said Interim CEO Guy Gecht.
In the three months to Sept. 30, Logitech continued its sales fall as it lapped high comparisons during the pandemic years. However, the 8% drop in the second quarter to $1.06 billion was half the rate of the previous quarter's 16% fall in sales.
This meant sales during the company's first half fell 12% — better than the 19%-14% fall Logitech had been expecting.
Meanwhile, profit rose as Logitech continued to cut costs by reducing spending on logistics and promotions.
Non-GAAP operating income in the second quarter rose 17% to $183 million, pushing the half-year figure to $292
