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Logitech International (SIX:LOGN) (Nasdaq:LOGI) today announced financial results for the fourth quarter and full year of Fiscal Year 2017. Q4 closed a strong fiscal year with sales for the quarter reaching $496 million. Q4 retail sales grew 17 percent in constant currency, GAAP operating income more than doubled to $22 million and non-GAAP operating income grew 61 percent to $36 million.
Bracken Darrell, Logitech president and chief executive officer, said, "Our FY 2017 performance demonstrates the strength of our strategy. For the fourth consecutive year, we accelerated growth in retail sales. We grew across almost all our product categories and in all our regions. Many categories - Video Collaboration, Mobile Speakers, Gaming, and Smart Home - grew double digits, and PC Peripherals saw solid growth too. And we're just getting started. I'm excited by our pipeline of innovative products and the amazing world of opportunities unfolding in front of us."
For the full Fiscal Year 2017, ended March 31, 2017:
Logitech confirmed its Fiscal Year 2018 outlook of high single-digit retail sales growth in constant currency and $250 to $260 million in non-GAAP operating income.
View at TechPowerUp Main Site
Bracken Darrell, Logitech president and chief executive officer, said, "Our FY 2017 performance demonstrates the strength of our strategy. For the fourth consecutive year, we accelerated growth in retail sales. We grew across almost all our product categories and in all our regions. Many categories - Video Collaboration, Mobile Speakers, Gaming, and Smart Home - grew double digits, and PC Peripherals saw solid growth too. And we're just getting started. I'm excited by our pipeline of innovative products and the amazing world of opportunities unfolding in front of us."
For the full Fiscal Year 2017, ended March 31, 2017:
- Retail sales grew 14 percent in constant currency, the highest annual retail sales growth in six years. Retail sales grew 13 percent in USD; also a six-year high.
- Sales were $2.21 billion, up 9 percent in USD compared to the prior year, which still included OEM sales, the business the Company exited in Q3 of the prior fiscal year.
- GAAP operating income grew 53 percent to $197 million - the highest in nine years - compared to $129 million a year ago. GAAP earnings per share (EPS) grew 51 percent to $1.16, compared to $0.77 a year ago.
- Non-GAAP operating income grew 33 percent to $238 million - also the highest in nine years - compared to $179 million a year ago. Non-GAAP EPS grew 35 percent to $1.32, compared to $0.98 a year ago.
- Cash flow from operations grew 52 percent to $279 million, the highest level in seven years.
Logitech confirmed its Fiscal Year 2018 outlook of high single-digit retail sales growth in constant currency and $250 to $260 million in non-GAAP operating income.
View at TechPowerUp Main Site
