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Logitech lifted by crisis, outlook is now flat

Switzerland-headquartered Logitech International has reported record sales for 2020 - $5.25bn, up 76% in US dollars and 74% constant currency compared to the prior year.
GAAP operating income grew 315 percent to $1.15bn, compared to $276m a year ago. Logitech raised its Fiscal Year 2022 outlook for non-GAAP operating income to between $800m and $850m. The outlook for sales growth in constant currency is still expected to be approximately flat, plus or minus 5%.

“Fiscal Year 2021 was our best year ever,” said Bracken Darrell, Logitech president and chief executive officer. “It has been rewarding to see Logitech’s products play an essential role enabling work, creation, connection and entertainment as our homes became schools, offices and playgrounds. Our powerful and resilient capabilities allowed us to both deliver remarkable performance in a challenging FY 2021 and, at the same time, invest in compelling plans for the future. The world has just caught a glimpse of what Logitech will become.”

“We delivered excellent financial performance, including record net sales, operating profit, gross margin and cash flow,” said Nate Olmstead, Logitech chief financial officer. “The trends that fueled our growth pre-pandemic - work from anywhere, video everywhere, esports and the democratization of content creation - all accelerated. As our market opportunities have expanded, and we have become a larger, more profitable company, we’re investing in our capabilities to accelerate our innovation, reach new customers and deliver strong financial returns over the long-term.”