Logitech announces best quarter ever for Q3 of Fiscal Year 2008
Logitech has announced that Q3 of Fiscal year 2008 has been record breaking for sales and operating profit.
The company saw a 3 percent increase in revenue and a 17 percent rise in operating income (from $100m to $116).
Operating income was $116 million, up from $100 million for the same quarter last year. Net income was $134 million up from $94 million one year ago.
Sales for Q3 also increased by 9 percent year over year, increasing 9 percent in the U.S., 4 percent in Europe, the Middle East and Asia and 44 percent in Asia Pacific.
The sales for the US and Europe the Middle East and Asia were restrained because of a continuing weakness in the webcam category, but were driven by a high demand for Harmony remote controls, keyboards and mice with sales for these growing by 72 percent, 32 and 22 percent respectively.
A huge demand for singing console games meant that a demand for microphones pushed OEM sales up by 54 percent.
The company confirmed its sales target of 15 percent growth for the current fiscal year (ending March 31st 2008) and increased its year-over-year operating income growth goal to more than 20 percent.
FY 2008 gross margin is expected to be above the high end of the Company’s long-term target range of 32-34 percent.