Logitech Swings To Profit In Q1; Confirms FY14 Outlook - Quick Facts

(RTTNews) - Logitech International (LOGI) reported first quarter net income of $1.04 million or $0.01 per share, compared to a loss of $51.37 million or $0.32 per share in the prior year.

On average, 4 analysts polled by Thomson Reuters expected the company to report a loss of $0.09 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly sales were $478 million, up 2 percent from $469 million in the year-ago quarter. Wall Street expected revenues of $423.20 million for the quarter.

Logitech's total retail sales for the quarter increased by 5 percent year over year, up 12 percent in the Americas and 4 percent in Asia, and down 3 percent in EMEA. Excluding "Retail - Other," Logitech's retail sales rose by 8 percent over the prior year. OEM sales decreased by 6 percent and sales for the LifeSize division decreased by 18 percent.

For fiscal year 2014, Logitech confirms sales view of about $2 billion, operating income outlook of about $50 million and gross margin guidance of about 34 percent. Analysts now estimate the company to report $1.99 billion in sales for fiscal 2014.