Logitech Reiterates FY23 Outlook; Misses Q2 Consensus; Announces CFO Transition
- Logitech International S.A. (NASDAQ: LOGI) reported second-quarter FY23 revenue of $1.15 billion, down 7% year-on-year at constant currency, below the consensus of $1.27 billion.
- This performance reflects a challenging macroeconomic environment.
- Category sales in Video Collaboration grew by 7%, and Pointing Devices increased by 3% in CC.
- Gaming sales decreased by 4%, and Keyboard & Combos sales declined by 10% in CC.
- The non-GAAP gross margin contracted 340 bps to 38.6%.
- Adjusted EPS of $0.84 missed the consensus of $1.10.
- Logitech held $868.5 million in cash and equivalents and generated $73 million in operating cash flow.
- "As we enter the holiday season, we continue to drive innovation, announcing more than 20 products which tap into the long-term trends of hybrid work, video everywhere, gaming, and digital content creation," CEO Bracken Darrell said.
- CFO Transition: Logitech also announced that CFO Nate Olmstead would depart. Logitech will launch a search, and Olmstead currently plans to stay on as CFO through the transition.
- Outlook: Logitech reaffirmed its FY23 revenue outlook of (4)% - (8)%.
- Logitech reiterated a non-GAAP operating income of $650 million - $750 million.
- Price Action: LOGI shares traded higher by 6.01% at $48.35 in the premarket on the last check Tuesday.
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