Logitech Beats on Q2 EPS and Revenue, Guides Q3 Above Consensus, Yet Shares Slip 3%
LOGI sits 30% above its 52-week low of $83.32.
Summary
Logitech beat on both lines for the quarter ending Sept. 30: adjusted EPS of $1.51 versus $1.33 expected and revenue of $1.22B, up 2.5% year-over-year, versus $1.21B expected. Management called it the eleventh consecutive quarter of growth, with the Americas, Video Collaboration and Gaming driving the top line, and launched 19 products for the holiday quarter. Q3 guidance also came in above consensus at $1.36B-$1.43B in sales and $220M-$255M in adjusted operating income, against analysts' $1.3B revenue estimate. Despite the beat-and-raise, shares fell 3% after hours, likely because the 8-K filed minutes earlier flagged $70-80M of Q3 sales impact tied to the supplier fire disclosed with Q1. The conference call at 4:30 p.m. EST is the next checkpoint on how much of that fire-related hit is already in the guide.
At the time of this announcement, LOGI was trading at $108.00 on NASDAQ in the Technology sector, with a market capitalization of approximately $15.3B. The 52-week trading range was $83.32 to $129.66. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.