Can Logitech Really Grow?
Logitech: Not Just PCs, But It Still Looks Expensive
Can Logitech Really Grow?
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Tue, Apr. 12, 5:55 PM
- Logitech (NASDAQ:LOGI) is buying Jaybird, a Utah-based provider of Bluetooth headphones and fitness bands meant for "sports and active lifestyles," for $50M in cash up-front plus up to $45M worth of earn-out payments over the next two years.
- The deal is expected to close in the coming weeks, and isn't expected to materially affect Logitech's FY17 (ends March '17) guidance. Jaybird's products will be added to a Logitech product line that includes the company's Ultimate Ears (UE) Bluetooth headphones and speakers.
- Logitech CEO Bracken Darrell: "As one team, we can address the fast-growing wireless audio wearables market with all the advantages of Jaybird’s strong brand and sports expertise, and our combined audio engineering and design capabilities." Jaybird CEO Judd Armstrong: "Jaybird will benefit from Logitech’s global distribution network and deep engineering prowess."
Tue, Feb. 2, 9:37 AM
- Morgan Stanley has downgraded Logitech (NASDAQ:LOGI) to Underweight. The call comes less than two weeks after the peripherals/accessories maker jumped in the wake of mixed FQ3 results and an FY16 guidance hike.
- Separately, CEO Bracken Darrell states in an interview Logitech is looking to enter the virtual reality peripherals market - Logitech plans to make controllers that work with VR headsets much the same way mice/keyboards work with PCs.
- The comments come with Facebook set to begin shipping its first commercial Oculus Rift model in March; its Oculus Touch handheld motion controllers are due later this year. Meanwhile, the FT recently reported Apple has created a large VR/AR team and built headset prototypes.
Wed, Jan. 20, 9:39 PM
- Logitech (NASDAQ:LOGI): FQ3 EPS of $0.41 beats by $0.07.
- Revenue of $621.08M (+2.8% Y/Y) misses by $13.48M.
- The company raises non-gaap operating income guidance to approx. $170M, retail sales to grow 7%-9% in constant currency for FY16.
Tue, Jan. 19, 5:35 PM
Oct. 22, 2015, 3:20 PM
- With an FQ2 beat in tow, Logitech (NASDAQ:LOGI) is reiterating FY16 (ends March '16) guidance for 7% constant currency retail sales growth and $150M in op. income in spite of weak PC and tablet markets.
- Mobile speaker sales were again a strong point in FQ2, rising 66% Y/Y to $80.6M. Gaming (+42% to $67.6M) and videoconferencing (+45% to $20.1M) were also standouts. PC/wearable audio was weak (-19% to $46.3M), as was tablets & other accessories (-34% to $18.5M) and home control (remotes, -33% to $12.6M).
- Gross margin fell 420 bps Y/Y to 34.6%. However, job cuts led operating expenses drop 1% to $145.2M. $40M was spent on buybacks.
- FQ2 results, PR
Oct. 21, 2015, 10:58 PM
- Logitech (NASDAQ:LOGI): FQ2 EPS of $0.22 beats by $0.03.
- Revenue of $539.86M (+1.8% Y/Y) beats by $17.28M.
Oct. 20, 2015, 5:35 PM| Oct. 20, 2015, 5:35 PM | 7 Comments
Sep. 14, 2015, 9:38 AM
- Logitech (NASDAQ:LOGI) raises annual dividend by 91% from CHF0.267/share to CHF0.51/share.
- The dividend is payable on Sept. 22 to shareholders on record of Sept. 21, shares goes ex on Sept. 17.
Jul. 23, 2015, 9:38 AM
- In spite of weak PC/tablet markets and a strong Swiss franc, Logitech (NASDAQ:LOGI) is maintaining FY16 (ends March '16) op. income guidance of $150M. Guidance for 7% constant currency retail sales growth is also reiterated; the revenue growth consensus (in actual dollars) is -2.3%.
- Product line performance: Mobile speakers and video collaboration (videoconferencing) were once more strong points: Sales respectively rose 41% and 39% Y/Y to $40.5M and $21.2M. Tablet & other accessories were soft, falling 41% to $18.8M. Gaming -7% to $43.7M; pointing devices +3% to $117M; keyboards/combos roughly flat at $105.8M; PC/wearables audio -6% to $45.7M, PC webcams +6% to $21.7M; home control (remotes) -17% to $10.3M.
- Financials: Gross margin (non-GAAP) fell 120 bps Y/Y to 36.7%. Operating expenses were nearly flat at $141.4M. Logitech ended FQ1 with $492.3M in cash (equal to roughly 1/5 of its market cap), and no debt.
- FQ1 results, PR
Jul. 22, 2015, 10:54 PM
- Logitech (NASDAQ:LOGI): Q1 EPS of $0.16 beats by $0.05.
- Revenue of $470.32M (-2.5% Y/Y) beats by $2.47M.
Jul. 21, 2015, 5:35 PM| Jul. 21, 2015, 5:35 PM | 5 Comments
Jul. 8, 2015, 1:28 PM
- As part of a "brand reinvention" said to reflect its evolution from a PC peripherals maker to a more diversified consumer electronics accessory provider, Logitech (LOGI -2.9%) is changing its name and adopting a simpler logo.
- CEO Bracken Darrell: "This is not just a one-year move, but a move for what we’re going to look like in the next decade ... We think having something called ‘tech’ is going to look 1980s pretty soon if it doesn't already." Logi-branded products will arrive soon. For the time being, the Logitech name will still be used for mice and some other PC peripherals.
Jun. 25, 2015, 5:38 PM
- Logitech (NASDAQ:LOGI) co-founder Daniel Borel won't stand for re-election as a board member at the company's Sep. 9 annual meeting. Monika Ribar and Matthew Bousquette, who have respectively been directors since 2004 and 2005, will also be stepping down. (PR)
- Logitech has nominated 3 replacements: Sue Gove, the former CEO of Golfsmith International; Lung Yeh, the managing director of VC firm Enspire Capital; and former VMware/Nuova Systems founder Edouard Bugnion.
Logitech International SA engages in the peripherals businesses. It develop and market innovative hardware and software products that enable or enhance digital navigation, music and video entertainment, gaming, social networking, and audio and video communication over the Internet and... More
Industry: Computer Peripherals
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