Logitech warns on its FY 2022 income, raises 2021 outlook
Sales growth in constant currency is expected to be approximately flat, plus or minus 5%
Stocks impacted: Logitech International (LOGI)
Logitech warned its 2022 operating income is expected to be between $750 million and $800 million, down from the $1.1 billion it now expects for fiscal 2021 (revised from its previous estimate of $1.05 billion). For fiscal 2021, the Swiss-U.S. company raised its sales growth forecast to about 63%, up from the 57-60% range it previously expected. Meanwhile, sales growth in constant currency is expected to be approximately flat, plus or minus 5%, while expectations of long-term sales growth in constant currency have increased to 8 to 10%. The non-GAAP operating margin target has improved to between 14 and 17%, up from 11 to 14%. As a reminder, earlier this year, Logitech reported a more than three-fold jump in quarterly adjusted operating income. Sales at the company increased 85% to $1.67 billion in the third quarter.
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