Benzinga -
- Logitech International S.A. (NASDAQ: LOGI) shared preliminary results ranges for the third quarter of FY23 ended on December 31, 2022.
- Preliminary Q3 net sales ranges $1.26 billion - $1.27 billion, down 22% - 23% year-on-year in U.S. dollars, below the consensus of $1.39 billion.
- The company expects non-GAAP gross margin of 37.8% - 37.9%.
- Preliminary Q3 non-GAAP operating income is $198 million - $203 million, down 33% - 34% Y/Y, and non-GAAP operating margin is 15.7% - 16.0%.
- "We are disappointed in these preliminary third-quarter results. They reflect challenging macroeconomic conditions, including a slowdown in sales to enterprise customers in the quarter. Based on the softer than expected third-quarter results and uncertainty in supply availability related to the current Covid outbreak in China, we are reducing our full-year outlook," CEO Bracken Darrell said.
- FY23 Outlook: Logitech reduced its constant currency sales growth outlook to (15)% - (13)%, down from the prior (8)% - (4)%, versus the consensus of $4.84 billion.
- Logitech slashed its non-operating income outlook to $550 million - $600 million, down from the previous $650 million - $750 million.
- Price Action: LOGI shares traded lower by 15.92% at $57.30 in the premarket on the last check Thursday.
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