Mouse maker Logitech says Q3 profit jumped 42%
Logitech International SA, the world's largest maker of computer mouses, reported a 42 percent jump in fiscal third-quarter profit, helped by increased sales of remote controls and keyboards.
Net income in the three months ended Dec 31 rose to $133.6 million, or 71 cents a share, from $94.3 million, or 49 cents a year earlier, Logitech said in a statement distributed on BusinessWire.
Sales were greater than analysts' estimates, increasing to $744.2 million from $658.5 million.
Logitech's audio unit, which manufactures speakers that work with Apple Inc's iPod player, is the company's fastest-growing division.
Gerald Quindlen, who has succeeded Guerrino De Luca as chief executive officer, plans to make more acquisitions to help maintain sales growth, he said earlier this month.
Operating profit will increase "more than" 20 percent in the year ending March 31, the company said, after earlier predicting a 20 percent increase.
The company reiterated full-year sales will climb 15 percent.
The manufacturer had been expected to report sales of $700 million, the median of 12 analysts' estimates compiled by Bloomberg.
Net income was projected at $134 million, the median of two estimates.
The company, based in Romanel-Sur-Morges, Switzerland and it's main office is in Fremont, California, plans to increase sales and operating profit 15 percent growth in the 12 months ending March 31, 2009, according to the statement.
Founded in 1981, Logitech started as a supplier to other manufacturers and expanded into retail sales, offering computer mouses and headsets under its own brand.
Consumer business now accounts for about 90 percent of the company's annual revenue.
Agencies
(China Daily 01/18/2008 page16)
