Logitech International (NASDAQ: LOGI) reported financial results for the fourth quarter and full year of FY 2020. For FY 2020, sales reached its highest ever peak at USD 2.98 Billion, a 7% increase in USD. Operating income increased 5% to USD 276 Million compared to USD 263 Million a year ago. Cash flow from operations reached a record USD 425 Million compared to USD 305 Million a year ago.
For the fourth quarter, sales increased to USD 709 Million, a 14% increase in USD compared to the prior year. Operating income amounted to USD 32 Million, a 24% downfall primarily due to an acquisition related charge. “We have delivered five consecutive years at or near double-digit growth, and Logitech’s products have never been more relevant,” said Bracken Darrell, Logitech president and chief executive officer. “Video conferencing, working remotely, creating and streaming content, and gaming are long-term secular trends driving our business. The pandemic hasn’t changed these trends: it has accelerated them.”
“We finished a solid year with a very strong fourth quarter,” said Nate Olmstead, Logitech chief financial officer. “The COVID-19 pandemic introduces operational challenges, yet our ability to execute and strong long-term growth drivers give us the confidence to maintain our financial outlook for Fiscal Year 2021.”
For FY 2021, the company anticipates mid single-digit sales growth of USD 380 Million to USD 400 Million in non-GAAP operating income.