Logitech turns negative despite FY outlook hike and strong Q2 results

Logitech International SA

22/10/2024 10:04

(Updates the share move and milestone and adds analyst
comments)
    ** Shares in Logitech International  LOGN.S  reverse course
and fall as much as 5.2% despite a set of strong Q2 results and
FY outlook upgrade
    ** "I sense the beat was driven by less relevant categories
such as webcams and tablets," said Kepler Cheuvreux analyst
Torsten Sauter, citing the strong gross margin is also offset by
higher marketing spent
        ** The guidance hike is only reflective of the Q2 beat,
nothing more and nothing less, he added
  
        ** Stifel expects consensus earnings per share estimates
to rise by 3-5% for 2025 as the guidance looks conservative and
leaves its "Hold" rating unchanged
  
        ** Logitech now expects FY sales to be between $4.39
billion and $4.47 billion (4.06 billion-4.13 billion euros),
compared to the earlier target of $4.34 billion to $4.43 billion
  
    ** The company's Q2 non-GAAP operating income came in at
$193 million, up from $183 million a year earlier, which was a
10% beat vs Visible Alpha consensus, according to Stifel
    ** The stock, which including today's fall has dropped by
8.78% YTD, hits the bottom of the Swiss blue chip index  .SSMI 
and is among the worst performers of the pan-European index
Stoxx 600  .STOXX  index





(1 euro = $1.0821)

 (Reporting by Ozan Ergenay)
 ((ozan.ergenay@thomsonreuters.com))