Logitech International (LOGI), a top maker of PC and consumer electronics peripherals, on Wednesday reported a bang-up holiday sales quarter, sending its stock rocketing to a more than eight-year high.
Logitech earned 56 cents a share excluding items, up 44% year over year, on sales of nearly $667 million, up 7%, in its fiscal third quarter ended Dec. 31.
Analysts polled by Thomson Reuters expected Logitech to earn 42 cents a share ex items on sales of $644 million.
Logitech leapt as much as 17% in early trading on the stock market today, breaking out of a flat base and extending past a buy point of 25.97. Logitech closed the day at 29, up 13%.
IBD’S TAKE: Logitech stock has an IBD Composite Rating of 92, meaning it has outperformed 92% of stocks in key metrics over the past 12 months. For more information on Logitech, visit the IBD Stock Checkup.
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“Our results exceeded expectations and were outstanding, with broad-based growth across all our regions and almost all product categories,” Logitech CEO Bracken Darrell said in a statement. “We delivered both the highest retail revenue and the highest non-GAAP gross margin in Logitech’s 35-year history.
“Our strategy is working, and we are just at the beginning of our path to deliver what we’re capable of. We have significantly raised our outlook on the back of this performance.”
Logitech raised its retail sales growth outlook for fiscal 2017 to 12% to 13% in constant currency, up from its prior guidance of 8% to 10% growth. It also increased its non-GAAP operating income outlook for the year to a range of $225 million to $230 million, up from its prior range of $195 million to $205 million.
Logitech makes PC gaming peripherals, wireless Bluetooth speakers, earbuds, headphones, webcams, keyboards and mice, among other items.
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