Logitech Q2 Tops View; Stock Climbs

(RTTNews) - Computer interface devices maker Logitech International S.A.'s (LOGI) second-quarter profit declined sharply from the prior year, amid tepid sales growth. However, adjusted earnings and revenues topped Wall Street estimates. The stock climbed nearly 5 percent in early trade.

Net income plunged to $18.1 million from the previous year's $36.1 million. Earnings per share halved to $0.11 from $0.22.

Adjusted earnings per share was $0.22, while it totaled $0.31 last year. On average, five analysts polled by Thomson Reuters expected earnings of $0.19 per share for the quarter. Analysts' estimates typically exclude special items.

Sales grew 2 percent to $540 million from $ 530.31 million in the prior year. Analysts expected revenues of $522.58 million.

Further, Logitech confirmed its fiscal year 2016 outlook of $150 million in non-GAAP operating income and 7 percent growth for retail sales in constant currency.

The stock surged 4.8 percent in early trade in Zurich at 14.15 Swiss francs.