PC accessories and peripherals maker Logitech continues to benefit from the shift to remote work and online learning, reporting (once again) explosive sales growth across its core product lines.
The company manufactures accessories and peripherals including keyboards, headsets, cameras, and video conferencing equipment -- all of which have been in constant demand amid the ongoing coronavirus pandemic and corporate work-from-home policies.
Logitech's momentum appears to be going strong as the company raised its full-year guidance for the third time this fiscal year. Logitech said it now expects annual sales growth to be between 57% and 60% for fiscal 2021, up from its previous calls for 35% to 40% growth. It also expects non-GAAP operating income of $1.05 billion, up from $700 million to $725 million.
On Tuesday, Logitech reported third quarter sales of $1.67 billion, up 85% from a year ago, with net income of $423 million. Non-GAAP earnings for the quarter were $2.45 a share. Wall Street was expected earnings of $1.02 per share on revenue of $1.23 billion.
Among the other mind boggling growth numbers, Logitech said PC webcam sales were up 309% in the third quarter. Meanwhile, video collaboration sales in Q3 were up 218% and keyboard sales were up 40%. Tablet and accessories sales also surged 342%.
Sales in some product categories, such as smart home and mobile speakers, declined during the quarter. Logitech said the decrease in these areas were expected, noting that speaker sales have suffered due to limited outdoor activities and social gatherings. Nonetheless, the company is confident that secular trends like remote work and videoconferencing will continue to drive up revenue.
"This quarter's record results demonstrate the strength of our portfolio, addressing long-term growth trends in remote work and education, video collaboration, esports and digital content creation," said Logitech CEO Bracken Darrell. "Logitech has never been more relevant to our customers' work, play and creativity."