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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Logitech International    LOGN   CH0025751329

LOGITECH INTERNATIONAL

(LOGN)
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Delayed Quote. Delayed Swiss Exchange - 06/25 11:31:45 am
37.71 CHF   -1.02%
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Logitech : Says Tablet Slowdown Won't Derail Turnaround

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10/22/2014 | 11:46pm EDT

ZURICH-- Logitech International SA's turnaround won't be derailed by a slowdown in the tablet computer market, the company's chief executive said Thursday, even though the peripherals maker has hitched much of its revival to mobile computing devices.

On Wednesday, Logitech, based in Newark, Calif., and Lausanne, Switzerland, said its profit more than doubled during its second quarter, even though sales of tablet accessories, like detachable keyboards, fell 19% in the period amid a slowdown in tablet sales.

In an interview, Chief Executive Bracken Darrell said a slowdown in the tablet market wouldn't disrupt Logitech's growth. He said the company isn't dependent on one market, pointing to the success of a newly launched computer mouse designed for videogamers and mobile speakers.

"If tablets slow down, we have other growth areas," said Mr. Darrell, adding that tablet accessory sales would likely pick up early next year as new products hit the market. "We are not dependent on tablets or any one single platform to deliver our turnaround."

Logitech, the world's biggest maker of computer mouses, was caught flat-footed by the sudden rise of tablets and smartphones. Since taking over early last year, Mr. Darrell has pushed the company to have shorter design and production cycles so that its peripherals can be in stores shortly after the launch of new devices. Many of those are designed for popular tablet computers, like Apple Inc.'s iPads and Samsung Electronics Co.'s Galaxy tablets.

However, growth in tablet computer sales has slowed this year. Worldwide unit shipments are expected to grow 11% in 2014, a sharp deceleration from 55% growth in 2013, according to estimates by market researcher Gartner Inc.

Logitech has broadened its product range, launching a new gaming keyboard and mouse, a new wireless mouse and a multiple-device keyboard that can be used with tablets and smartphones. Mr. Darrell said new products would continue to be launched in the coming months, including products for Apple's new iPad.

On Thursday, Logitech indicated the strategy was paying off. Net profit for the three months ended Sept. 30 increased 151% to $36.1 million from $14.4 million a year earlier. The result, driven by cost cuts and the absence of restructuring charges it faced last year, beat analysts' forecast of $23.4 million.

Sales fell slightly to $530.3 million from $532 million a year earlier, in line with forecasts of $530 million.

Logitech confirmed its guidance for full-year operating income to $170 million.

"The results show that Logitech is no longer dependent on one or two categories," said Michael Foeth, an analyst at Bank Vontobel in Zurich. Mr. Foeth rates Logitech at buy.

During the period, Logitech's mobile speaker business was its star performer, posting triple-digit sales growth. The mobile speakers work with smartphones and tablet computers.

Logitech said an investigation of accounting matters related to previously issued financial statements is now closed. The company expects to file its reports as soon as possible with the SIX Swiss Exchange and Nasdaq, which carries its U.S. listing.

Write to John Revill at john.revill@wsj.com

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Financials ($)
Sales 2020 2 971 M
EBIT 2020 349 M
Net income 2020 280 M
Finance 2020 753 M
Yield 2020 1,93%
P/E ratio 2020 22,88
P/E ratio 2021 20,61
EV / Sales 2020 2,02x
EV / Sales 2021 1,82x
Capitalization 6 756 M
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Technical analysis trends LOGITECH INTERNATIONAL
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TrendsNeutralBullishNeutral
Income Statement Evolution
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Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 46,1 $
Spread / Average Target 18%
EPS Revisions
Managers
NameTitle
Bracken P. Darrell President, Chief Executive Officer & Director
Guerrino de Luca Chairman
Vincent Pilette Chief Financial & Accounting Officer
Neil D. Hunt Lead Independent Non-Executive Director
Daniel Borel Chairman-Emeritus
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