Earnings Review and Free Research Report: Logitech International’ EPS Increased 14%
Research Desk Line-up: Mercury Systems Post Earnings Coverage
LONDON, UK / ACCESSWIRE / October 31, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Logitech International S.A. (NASDAQ: LOGI), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=LOGI, following the Company's announcement of its financial results on October 23, 2017, for the second quarter fiscal 2018. The computer peripherals Company's net revenue increased 12% on a y-o-y basis and topped market expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Computer Peripherals industry. Pro-TD has currently selected Mercury Systems, Inc. (NASDAQ: MRCY) for due-diligence and potential coverage as the Company reported on October 24, 2017, its financial results for Q1 FY18 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Mercury Systems when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on LOGI; also brushing on MRCY. With the links below you can directly download the report of your stock of interest free of charge at:
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http://protraderdaily.com/optin/?symbol=MRCY
Earnings Reviewed
For three months ended September 30, 2017, Logitech's net revenue increased 12%, or 11% on a constant currency basis, to $634.21 million from $564.30 million in Q2 FY17. Net revenue surpassed analysts' expectations of $630.2 million.
During Q2 FY18, the Company's gross profit increased 10.5% to $228.73 million from $206.87 million in the same period last year. For the reported quarter, the Company's gross margin decreased 60 basis points to 36.1% of revenue from 36.7% of revenue in Q2 FY17. For the reported quarter, the Company's adjusted gross margin decreased 40 basis points to 36.6% of revenue from 37.0% of revenue in Q2 FY17.
For the reported quarter, Logitech's marketing and selling expenses increased 14.4% to $107.39 million from $93.79 million in Q2 FY17. During Q2 FY18, the Company's research and development (R&D) expenses increased 12.3% to $36.65 million from $32.63 million in the same period last year. During Q2 FY18, the Company's general and administrative (G&A) expenses decreased 0.3% to $25.21 million from $25.29 million in the same period last year. For the reported quarter, the Company's total operating expenses increased 9.9% to $168.80 million from $153.46 million in Q2 FY17.
During Q2 FY18, Logitech's operating income increased 12% to $59.93 million from $53.41 million in the same period last year. For the reported quarter, the Company's operating margin decreased 10 basis points to 9.4% of revenue from 9.5% of revenue in Q2 FY17. For the reported quarter, the Company's adjusted operating margin decreased 10 basis points to 11.4% of revenue from 11.5% of revenue in Q2 FY17.
For the reported quarter, Logitech's net income increased 21.9% to $57.35 million on a y-o-y basis from $47.05 million in Q2 FY17. During Q2 FY18, the Company's adjusted net income increased 16% to $67.26 million on a y-o-y basis from $57.93 million in the same period last year. During Q2 FY18, Logitech's diluted EPS increased 21% to $0.34 on a y-o-y basis from $0.28 in the same period last year. For the reported quarter, the Company's adjusted diluted EPS increased 14% to $0.40 on a y-o-y basis from $0.35 in the same period last year. Adjusted diluted EPS surpassed analysts' expectations of $0.36.
Balance Sheet
As on September 30, 2017, Logitech's cash and cash equivalents decreased 27.1% to $398.85 million from $547.53 million on March 31, 2017. During Q2 FY18, the Company's net accounts receivables increased 50.9% to $279.58 million from $185.18 million in Q4 FY17.
For the reported quarter, Logitech's inventories increased 30.1% to $329.68 million from $253.40 million in the fourth quarter of 2017. During Q2 FY18, the Company's total assets increased 10.3% to $1.65 billion from $1.50 billion in Q4 FY17.
During Q2 FY18, Logitech's accounts payable increased 40.8% to $386.96 million from $274.81 million in Q4 FY17.
During Q2 FY18, Logitech's cash provided by operating activities decreased 8.6% to $68.38 million from $74.87 million in the same period last year.
During Q2 FY18, the Company repurchased common stock totaling $10 million.
Outlook
For FY18, Logitech expects sales growth to be 10% to 12% on a constant currency basis and estimates adjusted operating margin to be in the range of $260 million to $270 million.
Stock Performance
Logitech's share price finished yesterday's trading session at $34.98, marginally advancing 0.92%. A total volume of 414.63 thousand shares have exchanged hands, which was higher than the 3-month average volume of 387.74 thousand shares. The Company's stock price skyrocketed 2.19% in the past six months and 44.78% in the previous twelve months. Additionally, the stock soared 41.22% since the start of the year. Shares of the Company have a PE ratio of 25.29 and have a dividend yield of 1.80%. The stock currently has a market cap of $6.08 billion.
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