Logitech International S.A.NASDAQ
If You'll Short On Valuation, Short Logitech
Can Logitech Really Grow?
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.
May 14, 2015, 12:40 PM
- Logitech (LOGI +2.5%) expects to take a $100M-$123M non-cash goodwill write-down on its $405M 2009 acquisition of videoconferencing hardware/software maker Lifesize.
- The charge comes as Logitech restructures Lifesize to "sharpen its focus" on new cloud-based conferencing products. New hardware and services were launched in January. The launches helped video collaboration sales rising 140.3% Y/Y in calendar Q1 to $16.2M.
Apr. 23, 2015, 2:11 PM
- 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.
- Q1 results, PR, prepared remarks (.pdf), slides (.pdf)
Apr. 22, 2015, 11:49 PM
- Logitech (NASDAQ:LOGI): FQ4 EPS of $0.10 beats by $0.02.
- Revenue of $467.23M (-3.7% Y/Y) in-line.
Apr. 21, 2015, 5:35 PM| Apr. 21, 2015, 5:35 PM | 6 Comments
Mar. 24, 2015, 3:18 PM
- Today's notable tech gainers include chip packaging/testing firm ChipMOS (IMOS +3.7%), and headphone maker Skullcandy (SKUL +3.9%), mobile banking tech provider Mitek (MITK +6.5%), search toolbar/mobile ad platform provider Perion (PERI +8.8%), Chinese social network/game provider Renren (RENN +4.8%), peripherals giant Logitech (LOGI +4%), security IP licensing firm Finjan (FNJN +13.7%).
- Notable decliners include e-commerce services firm ChannelAdvisor (ECOM -5.6%), program guide/content protection IP firm Rovi (ROVI -4.3%), telecom equipment vendor Calix (CALX -3.5%), and Fibre Channel/Ehternet switch vendor Brocade (BRCD -3.4%).
- Likely helping Finjan: An H.C. Wainwright note stating the company has committed $5M to a Jerusalem Venture Partners (JVP) cybersecurity fund; Alibaba announced yesterday it's investing in JVP. Logitech announced a $100 wireless mouse today. Skullcandy is once more within striking distance of a 52-week high of $11.83.
- Previously covered: Twitter, solar stocks, Sonus/AudioCodes/BroadSoft, Neonode, Arista, Taser, Ciena, Zagg, Gogo, Digital Ally
Mar. 12, 2015, 10:36 AM
- JPMorgan has downgraded Logitech (LOGI -2.6%) to Underweight a day after the company provided light 2016 guidance (partly blamed on forex) at its 2015 analyst day. The firm's target has been cut by $2 to $13.
- Shares are now down 7% over the last two days. They're $1.30 above a 52-week low of $11.20.