Thu, Jul 25, 8:30 PM (44 days ago)
Logitech International S.A. reported a 12% increase in net sales to $1,088.2 million for the quarter ending June 30, 2024, compared to $974.5 million in the same quarter last year. This growth was driven by increased demand in Gaming, Keyboards & Combos, and Pointing Devices categories. Gross profit rose by 24% to $466.3 million, with a gross margin improvement of 430 basis points to 42.8%, attributed to lower product costs and reduced promotional spend. Operating expenses increased by 5.2% to $312.8 million, mainly due to higher marketing and selling expenses. Net income more than doubled to $141.8 million from $62.7 million, reflecting operational improvements and favorable tax impacts. Cash flow from operations was $176.0 million, and the company ended the quarter with $1,534.4 million in cash and cash equivalents. The company repurchased 1.4 million shares for $132.1 million under its 2023 share repurchase program. Despite macroeconomic and geopolitical uncertainties, Logitech continues to invest in growth opportunities and maintain a strong liquidity position.