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Logitech Boosts 2014 Outlook After Q3 Results Top Estimates
Computer interface devices manufacturer Logitech International S.A. (LOGI: Quote) reported late Wednesday a profit for the third quarter compared to a hefty loss last year, which included significant goodwill impairment charges.
Adjusted earnings per share and quarterly sales topped analysts' expectations. The company also raised its sales guidance for the full-year 2014, citing the better-than-expected third-quarter performance.
"We're pleased by our solid Q3 performance, with both sales and profit growth. We're encouraged by the robust sales in our growth categories, as well as the success of our ongoing initiatives to improve profitability, which includes the earlier-than-expected return to profitability of LifeSize," President and CEO Bracken Darrell said in a statement.
The company is seeing a turnaround with significant profit improvement after it expanded its presence in the growing tablet accessories category with the launch of a number of exciting new products, and the discontinuance of other non-strategic products, such as speaker docks and console gaming peripherals. It also launched new products for smartphones, the digital home, Macs and Windows 8 PCs.
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