October 22, 2019 / 2:20 AM / 2 months ago

Logitech posts 4.5% rise in quarterly operating income, retains outlook

Chief Executive Officer Bracken Darrell of the computer peripherals maker Logitech addresses a news conference in Zurich, Switzerland March 6, 2019. REUTERS/Arnd Wiegmann/Files

(Reuters) - Logitech International SA (LOGN.S) reported a 4.5% increase in operating income for its latest quarter, the Swiss computer keyboard and gaming accessories maker said on Tuesday.

GAAP operating income increased to $68.1 million in the three months to the end of September from 65.1 million a year earlier, the company said in a statement.

Non-GAAP operating income rose to $89 million from $85 million a year earlier.

Net profit at the world’s biggest maker of computer mice was $72.9 million, missing analyst estimates for $82.9 million, according to Refinitiv data.

Sales rose 4% to $720 million, boosted by the performance of fast keyboards, mice and headsets that Logitech makes for players of online games like Fortnite and League of Legends.

Anticipating further growth in the online gaming market, Logitech recently doubled down on its involvement in online sports games, buying live streaming company Streamlabs in a deal worth up to $118 million.

The company confirmed its full year outlook of expecting mid to high single-digit sales growth in constant currencies and $375 million to $385 million in non-GAAP operating income.

“This quarter, we delivered record sales in video collaboration, which grew nearly 60%, as well as strong growth in our PC peripherals categories,” Chief Executive Bracken Darrell said in the statement.

Reporting by Rebekah Mathew in Bengaluru and John Revill in Zurich; Editing by Tom Hogue and Muralikumar Anantharaman

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