Logitech International SA (NASDAQ: LOGI) stock rose 1.67% in the pre-market session on January 22nd, 2019 (Source: Google finance) after the company posted better than expected results for the third quarter of FY 18 due to computer peripheral and mobile speaker maker got a boost from continued strong growth in gaming hardware. The company got a boost from strong sales of its gaming products such as superfast keyboards, headphones and computer mouse used in multi-player online games like League of Legends and Fortnite. Logitech’s diverse portfolio drove double-digit growth across gaming, video collaboration and creativity & productivity. Sales from its gaming business rose 23 percent to 213.7 million. As a result, Logitech International SA raised its full-year profit outlook. Q3 non-GAAP operating income grew 22 percent to $143 million, compared to $117 million in the same quarter a year ago. Q3 non-GAAP EPS grew 22 percent to $0.79, compared to $0.65 in the same quarter a year ago.
Year-to-date cash flow from operations was $273 million, compared to $256 million in the same period a year ago.
LOGI in the third quarter of FY 18 has reported the net income of $112.8 million beating forecasts of $99.3 million in a Reuters poll of analysts. The company had reported the adjusted revenue growth of 8 percent to $864.4 million in the third quarter of FY 18, beating the analysts’ estimates for revenue of $852 million.
The company now expects its fiscal year 2019 non-GAAP operating income to be in the range between $340 million and $345 million, up from its previous guidance of $325 million-$335 million. Logitech expects sales to grow between 9 percent and 11 percent in constant currency during the fiscal year, which runs to the end of March. The company had raised its guidance earlier in July, after big increases in sales of its products used in video collaboration, gaming and for computer tablets.
Meanwhile, LOGI has y conrmed it was engaged in discussions with Plantronics regarding a potential transaction. However, those discussions were terminated.
Additionally, LOGI has announced today Jaybird Tarah Pro Wireless Sport Headphones, which is theindustry leading 14 hours of battery life, extremely durable, adventure-proof compact wireless headphones. Equipped with unique features geared towards athletes, they offers a secure custom-fit and uncompromising sound, with new Personalized EQ functionality through the Jaybird app. Tarah Pro is the first in Jaybird’s Pro Series, a new line of pinnacle-level wireless sport headphones for endurance athletes.