- Logitech (NASDAQ:LOGI) is close to a 52-week high of $15.52 after beating FQ4 EPS estimates (while posting in-line revenue) in spite of the PC industry's woes. The peripherals giant has reiterated the FY16 (ends March '16) guidance it provided a month ago.
- Forex had a 3% impact on Y/Y sales growth. Mobile speaker sales (fueled by the UE Boom speaker line) were once more a strong point, rising 98.2% to $38.4M. Also: Video collaboration sales (new products were launched in January) rose 140.3% to $16.2M, and tablet & other accessories (inc. tablet keyboards) rose 17.1% to $26M.
- PC products were soft: Pointing devices -12.6% to $104.7M, keyboards & combos -2.5% to $100.9M; PC/wearables audio -14.2% to $51M, PC webcams -25.2% to $19.2M. Also, home control products (e.g. remotes) fell 11.8% to $11.8M.
- Lifting EPS: Gross margin rose 50 bps Y/Y to 33.7%. Also, non-GAAP operating expenses only rose 2% Y/Y to $143.2M. Logitech ended Q1 with $537M in cash, and no debt.
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Q1 results, PR, prepared remarks (.pdf), slides (.pdf)