July 23, 2019 / 1:41 AM / 4 months ago

Logitech first-quarter profit beats forecasts

(This story corrects analyst forceasts, changes headline and second paragraph)

(Reuters) - Logitech International SA (LOGN.S) reported better-than-expected first-quarter earnings on Tuesday, and confirmed Nate Olmstead as its chief financial officer.

The maker of fast keyboards and computer mice used by players of games like Fortnite said its reported GAAP net profit increased to $45.3 million, from $38.5 million a year earlier, beating forecasts of $39.4 million. Sales rose 5.9% to $644 million, from $608 million a year earlier, topping forecasts for $641 million.

The Swiss-U.S. company said in its statement that it maintained its view for sales growth in the mid-to-high single-digit percentage range in constant currency for the fiscal year ending next March 31 and for non-GAAP operating income of $375 million to $385 million. During its previous financial year the company raised its outlook twice.

“We achieved double-digit growth across a number of categories, including Video Collaboration, and growth in all three regions,” Chief Executive Officer Bracken Darrell said in the statement.

Olmstead was confirmed as chief financial officer, effective immediately, after being named interim CFO in May following the departure of Vincent Pilette. Olmstead had been vice president of finance for Hewlett Packard Enterprise (HPE.N) before joining Logitech in 2019.

Reporting by John Revill in Zurich; Additional Reporting by Sathvik N in Bengaluru; Editing by Leslie Adler

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