Logitech International
beat earnings estimates and hiked its guidance, despite sales continuing to decline in its fiscal first quarter.
The computer peripherals maker still sees sales declining in the fiscal first half, but just not quite as sharply as it thought in May. That was enough to send the Swiss-listed shares 3.4% higher in early European trading.
Logitech
now expects sales of between $1.875 billion and $1.975 billion in the first half, up from a previous range of $1.8 billion to $1.9 billion. It forecasts a sales decline of 14% to 19%, an improvement on its previous range of 18% to 22%.
The hike came after a decent set of first-quarter results, which beat expectations. The company reported adjusted earnings per share of $0.65, above analysts’ estimates of $0.46, according to FactSet. Sales of $974 million, 16% down year over year, also beat expectations of $916 million.
“While the markets are still challenging, I am proud of the team’s achievements during our first quarter,” interim CEO Guy Gecht said in a statement.
The Swiss-listed stock tumbled 12.5% in one day last month when the company announced the sudden departure of CEO Bracken Darrell. It has since recovered and was down just 0.3% so far this year in early European trading.
Write to Callum Keown at [email protected]
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