April 30, 2019
ZURICH (Reuters) – Logitech International Chief Executive Bracken Darrell said it was too early to consider upgrading the keyboard and mice maker’s sales and profit outlook for its 2020 business year.
“Our guidance is completely our expectation of what we will reach for the year,” Darrell told Reuters. “We will only raise if we had something that warranted it, but…we are in the first quarter and only just coming into the second month of that.
“It’s too early to say about raising our guidance, which we just set about four weeks ago,” he added. “I am optimistic, I think it’s going to be an interesting year.”
Some investors were disappointed that Logitech, announcing its results on Tuesday, confirmed the guidance it gave last month for mid- to high-single-digit sales growth in the year to the end of March 2020, and non-GAAP operating income of $375 million to $385 million.
During its previous financial year the company, which also makes mobile speakers and video conferencing devices, raised its outlook twice.
Darrell said Logitech’s business had been affected by U.S. tariffs on China, and had responded by shifting production of some products, like remote controls, out of China to Malaysia.
(Reporting by John Revill; Editing by Michael Shields)