Switzerland-based Logitech International has reported sales for fiscal 2019 at the highest ever at $2.79bn, up 9% in US dollars. This is a rise of 10% in constant currency compared to the prior year, and the sixth consecutive year of growth. It confirmed a FY20 outlook of mid- to high-single-digit revenue growth versus the 7% growth consensus. Shares fell after it was announced that CFO Vincent Pilette is to take a role at another company, effective at the end of May. New VP of Finance Nate Olmstead will become interim CFO.
GAAP operating income grew 15% to $263m, compared to $230m a year ago. Non-GAAP operating income grew 23% to $352m.
“We’ve delivered our third consecutive year of double-digit growth in constant currency and our highest fiscal year sales ever,” said Bracken Darrell, Logitech president and chief executive officer. “Our innovative, diverse product portfolio delivered, led by strong, sustainable growth in our major categories of Gaming, Video Collaboration, and Creativity & Productivity. And we are not just growing topline, but also systematically delivering strong leverage on the bottom line. In fact, we achieved our plan to double non-GAAP EPS to $2.00 a full year early. Our strategy is working, and we are excited for our future as the world’s leading cloud peripheral company.”
