Logitech International has announced financial results for the fourth quarter and full year of fiscal year 2021, ended March 31, 2021. Sales were Logitech’s highest ever at $5.25 billion, up 76 percent in US dollars and 74 percent in constant currency compared to the prior year. FY’21 marks the eighth year of consecutive sales growth.
“Fiscal Year 2021 was our best year ever,” said Bracken Darrell, Logitech president and chief executive officer. “It has been rewarding to see Logitech’s products play an essential role enabling work, creation, connection, and entertainment as our homes became schools, offices, and playgrounds. Our powerful and resilient capabilities allowed us to both deliver remarkable performance in a challenging FY 2021 and, at the same time, invest in compelling plans for the future. The world has just caught a glimpse of what Logitech will become.”
“We delivered excellent financial performance, including record net sales, operating profit, gross margin, and cash flow,” said Nate Olmstead, Logitech chief financial officer. “The trends that fueled our growth pre-pandemic—work from anywhere, video everywhere, esports, and the democratization of content creation—all accelerated. As our market opportunities have expanded, and we have become a larger, more profitable company, we’re investing in our capabilities to accelerate our innovation, reach new customers, and deliver strong financial returns over the long-term.”
Logitech raised its Fiscal Year 2022 outlook for non-GAAP operating income to between $800 million and $850 million. Previously, it was expected to be between $750 million and $800 million. The outlook for sales growth in constant currency is still expected to be approximately flat, plus or minus 5 percent.
Logitech’s board of directors has approved an increased share buyback authorization up to $1 billion. This expands the company’s current $250 million, three-year share buyback authorization. To date, the company has repurchased $165 million of shares in the current program. Following approval from the Swiss Takeover Board, the increase will give a total authorization of $835 million for repurchases over the remaining 27 months of the program through July 2023.