Logitech International Sa (LOGI) has reported 49.75 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $97.46 million, or $0.59 a share in the quarter, compared with $65.09 million, or $0.39 a share for the same period last year. On an adjusted basis, earnings per share were at $0.56 for the quarter compared with $0.41 in the same period last year.
Revenue during the quarter grew 7.35 percent to $666.71 million from $621.08 million in the previous year period. Gross margin for the quarter expanded 344 basis points over the previous year period to 37.01 percent. Total expenses were 85.56 percent of quarterly revenues, down from 88.97 percent for the same period last year. This has led to an improvement of 341 basis points in operating margin to 14.44 percent.
Operating income for the quarter was $96.28 million, compared with $68.52 million in the previous year period.
However, the adjusted operating income for the quarter stood at $99.13 million compared to $74.17 million in the prior year period. At the same time, adjusted operating margin improved 293 basis points in the quarter to 14.87 percent from 11.94 percent in the last year period.
"This Q3, our results exceeded expectations and were outstanding, with broad-based growth across all our regions and almost all product categories," said Bracken Darrell, Logitech president and chief executive officer. "We delivered both the highest retail revenue and the highest non-GAAP gross margin in Logitech’s 35-year history. Our strategy is working, and we are just at the beginning of our path to deliver what we’re capable of. We have significantly raised our outlook on the back of this performance."
For fiscal year 2017, Logitech International Sa expects revenue to grow in the range of 12 percent to 13 percent. The company expects adjusted operating income to be in the range of $225 million to $230 million.
Operating cash flow improves significantlyLogitech International Sa has generated cash of $234.29 million from operating activities during the nine month period, up 55.32 percent or $83.44 million, when compared with the last year period. The company has spent $90.24 million cash to meet investing activities during the nine month period as against cash outgo of $52.27 million in the last year period.
The company has spent $143.20 million cash to carry out financing activities during the nine month period as against cash outgo of $125.42 million in the last year period.
Cash and cash equivalents stood at stood at $513.58 million as at Dec. 31, 2016.
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