Logitech International (NASDAQ: LOGI) shares were trading higher Tuesday after the company reported positive fourth-quarter results after the close Monday that were "accelerated" by the stay-at-home shift during the coronavirus pandemic.
The company reported fourth-quarter GAAP earnings of $2.66 cents per share, a 75% increase over earnings of $1.52 cents per share in the same period last year.
Logitech said its full-year sales were the highest ever at $2.98 billion, up 7%, and yearly GAAP operating income grew 5% to $276 million, compared to $263 million in 2019.
The company said cash flow from operations in fiscal 2020 was a record $425 million, compared to $305 million a year ago.
Logitech Reaffirms 2021 Guidance
Logitech confirmed a fiscal year 2021 outlook for mid single-digit sales growth in constant currency and $380-$400 million in non-GAAP operating income.
“Video conferencing, working remotely, creating and streaming content, and gaming are long-term secular trends driving our business. The pandemic hasn’t changed these trends: it has accelerated them,” CEO Bracken Darrell said in a statement.
Logitech shares were trading up 4.15% at $53.22 in Tuesday’s premarket session. The stock has a 52-week high of $51.63 and a 52-week low of $31.37.