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Logitech Profit Up, Outlook Lifted On Strong Sales

ZURICH -(Dow Jones)- Swiss technology company Logitech International SA (LOGN.VX) Thursday raised its full-year outlook after reporting a 14% rise in net profit in the crucial end-year trading period. The company said now expected to post full year sales of $2.4 billion-$2.42 billion, up from an earlier forecast of $2.35 billion to $2.4 billion, but kept its earlier target of operating profit of $170 million to $180 million, after a strong performance in Asia and its LifeSize video-conferencing business in the three months to Dec. 31. The pre-Christmas period is when Logitech traditionally generates around 40% of its annual profit. Analysts had expected the Swiss-listed company, which is based in Romanel-Sur-Morges, to suffer from the impact of growth in touch-screen based products that reduce the need for some of its mice and keyboard products, which made up nearly half of its sales in 2010. In October Logitech raised its full year sales guidance by $50 million, mainly to take into account contributions from set-top box hardware it has developed for Google Inc.'s (GOOG) Google TV product. In the latest quarter Logitech's retail sales growth continued in Asia, with a 51% increase following a 38% increase in the second quarter. In North America, retail sales rose 31% compared with a 19% rise in the second quarter, while Europe turned around a 3% drop in sales to report a 1% increase in the third quarter. ""All of our retail product categories contributed to our sales growth, with double-digit increases in remote controls, pointing devices, video and gaming," said Chief Executive Gerald Quindlen in a statement. "OEM sales made a very solid contribution, and the momentum continued for our LifeSize division, which delivered the highest-ever quarterly sales in its history." MAIN POINTS: -3Q 2011 net profit at $65 million versus $57 million in 3Q 2010. -3Q revenue $754 million versus $617 million in 3Q 2010. - Performance beat analysts' expectations for revenue at $721.4 million and net profit of $67.7 million. -By John Revill, Dow Jones Newswires; +41 43 443 8042 ; john.revill@dowjones.com

Stock News for Logitech International S.a. - Registered (LOGI)
DateTimeHeadline
06/25/201517:16:40Current Report Filing (8-k)
06/25/201517:00:00Logitech Announces Sue Gove, Lung Yeh and Edouard Bugnion as...
06/25/201509:00:00Lifesize Extreme Support Team and Executive Receive Gold Stevie...
06/16/201504:00:00Ultimate Ears Introduces New Mobile Speaker Designed for Whatever...
06/13/201514:19:035 Gadgets Under $100 That Will Blow Your Mind
06/11/201504:03:00Logitech G Introduces Force Feedback Racing Wheel for the PlayStation®4
06/11/201504:00:00Logitech G Introduces First Force Feedback Racing Wheel for Xbox...
06/10/201504:00:00Logitech Simplifies Connecting Your PC to Your TV with New Living...
06/05/201517:15:00Logitech Files Annual Report on Form 10-K
06/05/201517:05:59Annual Report (10-k)
06/02/201517:02:38Notification That Annual Report Will Be Submitted Late (nt 10-k)
06/02/201501:00:00Logitech to File Form 12b-25
05/29/201519:01:17Statement of Changes in Beneficial Ownership (4)
05/29/201518:59:51Statement of Changes in Beneficial Ownership (4)
05/29/201517:27:05Specialized Disclosure Report (sd)
05/26/201504:00:00Logitech Harmony Brings Home Control to All Harmony Hub Users
05/21/201509:00:00Lifesize Expands Global Cloud Video Service to Support 15 Languages
05/19/201504:00:00Seven Logitech Products Recognized With International Design...
05/14/201517:29:20Statement of Changes in Beneficial Ownership (4)
05/14/201506:02:52Current Report Filing (8-k)

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