Switzerland-based Logitech International's Q1 was, as expected, pretty good. Q1 sales were $792m, up 23% in dollars and 25% in constant currency, compared to Q1 of the prior year.
Q1 GAAP operating income grew 76% to $83m, compared to $47m in the same quarter a year ago. Cash flow from operations was $119million, compared to $37 million in the same period a year ago.
“We delivered an exceptional first quarter and are raising our fiscal year outlook,” said Bracken Darrell, Logitech president and chief executive officer. “We grew sales 25% with strong growth in almost every product category. Our company strategy focuses on four long-term trends: more of us will work from home; video calls will replace audio calls; esports will become as big as conventional sports; and billions of people worldwide will create content, not just a handful of TV and movie studios. Logitech’s business was already positioned to grow from these long-term trends, and since early March they have accelerated, making Logitech more relevant to customers than ever before.”
Logitech raised its Fiscal Year 2021 annual sales outlook from mid single-digit sales growth, to 10% to 13% growth in constant currency. The Company also raised its annual outlook for non-GAAP operating income from a range of $380m to $400m, to a range of $410m to $425m.
