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Logitech International S.A. (LOGI)

  • Thu, May 14, 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.
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  • Thu, Apr. 23, 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)
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  • Wed, Apr. 22, 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.
    • Press Release
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  • Tue, Apr. 21, 5:35 PM
  • Tue, Mar. 24, 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
  • Thu, Mar. 12, 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.
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  • Wed, Mar. 11, 11:13 AM
    • Logitech (LOGI -2.4%) uses its 2015 analyst day to reiterate guidance for 2015 revenue of $2.11B (in-line with consensus) and op. income of $185M. The company has also guided for 2016 revenue of $2.15B (slightly below a $2.16B consensus) and op. income of $150M.
    • The PC/mobile/living room peripherals maker notes a strong dollar "will have a significant impact on our financial results moving forward," and that it's taking steps to deal with the issue, including "pricing adjustments and the further reduction of our global cost structure."
    • Logitech promises to return $500M to shareholders over the next 3 years - $250M via dividends, and $250M through an existing buyback program. The board plans to request shareholder approval for $85M worth of 2015 dividend payments at this year's annual meeting.
    • Logitech's analyst day slides
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  • Fri, Mar. 6, 2:54 PM
    • With the Nasdaq down 1.1%, major tech decliners are outpacing major gainers by a sound margin.
    • Notable gainers include gaming headset maker Turtle Beach (HEAR +6.8%), Chinese data center owner 21Vianet (VNET +3.6%), wireless charging tech developer Energous (WATT +2.7%), Chinese online retailer LightInTheBox (LITB +5.6%), and solar microinverter maker Enphase (ENPH +5.9%).
    • Notable decliners include ultracapacitor maker Maxwell (MXWL -6.6%), healthcare IT giant Cerner (CERN -3.8%), enterprise storage hardware vendor Quantum (QTM -6%), cloud SMB marketing software vendor Constant Contact (CTCT -4.6%), 3D measurement/imaging system maker FARO Technologies (FARO -5.4%), PC/mobile peripherals giant Logitech (LOGI -4.6%), and cloud security/compliance software vendor Qualys (QLYS -4.2%).
    • Energous is up 12% over the last two trading days; its Q4 report arrives on Monday afternoon. Maxwell was up sharply yesterday on an insider buy.  Cerner closed yesterday near an all-time high of $73.24.
    • Previously covered: YY, Finisar/JDS Uniphase, Violin Memory, Crossroads, Skullcandy, Neustar, Synacor, CyberArk, Autohome/Bitauto, Wave Systems
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  • Thu, Jan. 22, 12:44 PM
    • A strong dollar has led Logitech (NASDAQ:LOGI) to cut its FY15 (ends March '15) revenue guidance to $2.11B (below a $2.13B consensus) from $2.16B. However, op. income guidance has still been hiked by $15M to $185M.
    • Gross margin rose 240 bps Y/Y in seasonally huge FQ3 to 36.5%, aiding Logitech's EPS beat. GAAP opex rose a modest 3% to $166.6M.
    • Segment performance: PC gaming revenue +21% Y/Y to $70.2M. Tablets/other accessories -18% to $55.1M. Mobile speakers +86% to $62.3M (driven by UE Boom speaker sales). Pointing devices nearly flat at $141.8M. PC keyboards/desktops +5% to $114.1M. Audio (PC & wearables) -15% to $58.7M. Video +22% to $46.7M. Remotes -4% to $25.2M.
    • On a sell-through basis, Americas sales were up 11% in constant currency,, Asia-Pac sales up 7%, and EMEA sales down 2% (down 9% in dollars).
    • FQ3 results, PR, earnings slides (.pdf)
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  • Thu, Jan. 22, 9:15 AM
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  • Thu, Jan. 22, 1:35 AM
    • Logitech (NASDAQ:LOGI): FQ3 EPS of $0.41 beats by $0.09.
    • Revenue of $634M (+1.0% Y/Y) beats by $11.52M.
    • Press Release
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  • Tue, Jan. 20, 5:35 PM
  • Thu, Jan. 15, 10:31 AM
    • Like other Swiss ADRs, Logitech's (NASDAQ:LOGI) U.S. shares have risen in response to the Swiss National Bank's decision to give up its efforts to halt the franc's rise (by maintaining a 1.2/1 floor against the euro). Over in Zurich, shares are down 10%.
    • The PC/mobile peripherals maker reports earnings at 10PM ET on Jan. 21. Yesterday, its Lifesize videoconferencing hardware unit unveiled two new systems (the Icon 400 and Icon Flex), as well as an update for its Lifesize Cloud videoconferencing app.
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  • Fri, Jan. 2, 5:44 PM
    • Dolby's (NYSE:DLB) High Dynamic Range (HDR) video tech "could be at the threshold of large-scale adoption," writes JPMorgan's Paul Coster in a CES preview note. He sees the adoption of Dolby Vision by the SMPTE (a key video standards body) acting as a catalyst for HDR uptake, thereby opening up a major new licensing opportunity for the audio tech leader.
    • He also thinks Synaptics (NASDAQ:SYNA), which fell 6.7% today thanks to a Pac Crest downgrade tied to a possible Galaxy S6 socket loss, could outperform through CES. Coster assigns "a high probability" of Synaptics' fingerprint sensors "being introduced on one or more new smartphones, with the possibility that we will see the first example of area-touch fingerprint recognition."
    • Coster offers more subdued remarks about Logitech (NASDAQ:LOGI): He thinks the mobile speaker and tablet keyboard/case markets (deemed Logitech's growth categories) are "crowded with competition," and that the tablet market is rapidly fragmenting.
    • The iPad, which Logitech's tablet accessory sales remain heavily tied to, saw its unit share fall to 22.8% in Q3 (per IDC). Logitech's mobile speaker sales rose 143% Y/Y in calendar Q3 to $48.5M, while its tablets & other accessories sales fell 19% to $28.2M.
    • Earlier: Coster expects strong CES showing from GoPro
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  • Nov. 14, 2014, 8:18 AM
    • Logitech (NASDAQ:LOGI) has proposed an FY14 (ends March '15) annual dividend of CHF0.26/share ($0.27/share), up 25% from FY13's CHF0.21/share. At current levels, the new dividend is good for a 1.9% yield.
    • If approved by shareholders at Logitech's Dec. 18 annual meeting, the dividend's payout date is expected to be Dec. 30. The ex-dividend date is expected to be Dec. 24.
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  • Nov. 7, 2014, 11:42 AM
    • Due to Logitech's (LOGI -1.4%) recent hiring of auditor PwC for "non-audit, software consulting services," PwC has informed Logitech it's "not independent" with respect to FQ2. Logitech is "pursuing its options" for FQ2, and also for handling subsequent periods.
    • PwC is still serving as Logitech's auditor for earlier periods. The peripherals maker previously disclosed it's restating its FY12 results due to "an accounting misstatement for inventory valuation reserves" for the discontinued Revue Google TV set-top.
    • The company is working to file its FY14 10-K, and also its FQ1 and FQ2 10-Qs for FY15.
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Company Description
Logitech International SA together with its consolidated subsidiaries develops and markets hardware and software products that enables digital navigation, music and video entertainment, gaming and social networking.
Sector: Technology
Country: Switzerland