May 12, 2020 / 2:04 AM / 21 days ago

CORRECTED-UPDATE 1-Logitech sales rise nearly 14% as work from home boosts demand

(Corrects to “profit” from “sales” in paragraph 5)

May 12 (Reuters) - Logitech International reported a 13.6% rise in fourth-quarter sales on Tuesday as more people used its products while working from home due to the coronavirus crisis.

Logitech, which makes webcams, keyboards, mouses as well as video conferencing devices and software, said its fourth-quarter sales rose to $709.2 million, compared with $624.3 million a year ago.

Non-GAAP operating income rose 23.3% to $79 million in the quarter that ended in March.

For the full year, the company reported a rise of 6.7% in sales, meeting its FY20 outlook for a mid to high single digit percentage rise, while its annual non-GAAP operating income, at $387 million, beat its FY20 target range of $365 million-$375 million.

Logitech had reduced its full-year profit outlook in March to take into account supply chain disruptions due to the coronavirus crisis. The company had reiterated its sales forecast.

“Video conferencing, working remotely, creating and streaming content, and gaming are long-term secular trends driving our business, Chief Executive Officer Bracken Darrell said in a statement. “The pandemic hasn’t changed these trends; it has accelerated them.”

The company also retained the outlook it gave in March for a mid-single digit percentage sales growth in constant currencies for the year to the end of March 2021 and expects a rise in operating profit to $380 million-$400 million. (Reporting by John Revill and Aishwarya Nair in Bengaluru; editing by Uttaresh.V)

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