The Company raises its previous posted annual guidance as hybrid work culture takes grows.
Shares of Logitech International (LOGI) are trading at all-time highs after the company reported strong second quarter financial results for the Fiscal Year 2021. LOGI is continuously pushing following the bullish momentum from yesterday’s trading session.
Logitech International closed the trading session on Tuesday at $92.64 up by 15.67%. The stock followed the momentum in the premarket today trading around $93.09. LOGI has kicked off today’s trading at $93.78 and continues to push upwards.
As we write this at 9:54 A.M. EDT, LOGI is trading at all-time highs around $94.70 soaring by 2.22%.
Logitech International made its move on Tuesday after it surpassed quarterly earnings estimates predicted by analysts. The company left many in shell shock with its Q2 outcomes while the world still faces adverse impacts of COVID-19 pandemic.
The second quarter sales rose to a whopping 75% recorded at $1.26 billion compared to the prior year Q2. This was the first time in firm’s history that its quarterly sales surpassed the billion-dollar mark.
On an adjusted basis, the company highlighted that it earned $1.87 per share exceeding FactSet analysts estimate of $1.70 per share on sales of $1.14 billion.
The GAAP operating income saw a significant growth of 372% to $322 million in comparison with $68 million in the same period last year. The non-GAAP operating income raised to $354 million, up by 295% compared to $89 million in the prior year period.
The cash flow was around $280 million from operations during the quarter versus $107 million during the same quarter in 2019.
The President and CEO of the company, Bracken Darrell commented that they have recorded accelerated growth and profitability once again this quarter and for this reason, they are raising their annual guidance. Darrell said:
“The growth trends that drive our business have accelerated as society adjusts to its new reality. The organization leaders I speak to envision people increasingly working from multiple locations, a hybrid work culture that is emerging as the norm.”
He further added:
“And at home, the rise of gaming as a spectator and participant sport continues with no end in sight. Our products are essential to helping customers work, play and create wherever they are. Logitech is well positioned for long-term growth.”
Logitech International has raised its FY21 annual outlook from its prior announced guidance of 10% to 13% sales growth to 35% to 40%. While the non-GAAP operating income outlook has been increased from $410 million to $425 million growth to $700 million to $725 million.