Shares of Logitech International (NASDAQ: LOGI) were up in pre-market trading at the time of publishing on Tuesday even as the computer peripherals and software manufacturer saw its sales tank by 22% year-over-year in fiscal Q4 to $960 million but still exceeded consensus estimates of $939.2 million.
Even in FY23, the company’s sales were $4.54 billion, down by 13% year-over-year in constant currency terms, and put down the drop in sales to “the challenging macroeconomic environment and lower enterprise and consumer spending.”
Adjusted earnings declined to $0.50 per share in the fiscal fourth quarter versus $0.81 in the same period last year but beat consensus estimates of $0.42 per share.
Looking forward, the management continues to expect a fall in sales from 22% to 18% year-over-year (in the U.S. dollar terms) to be between $1.8 billion and $1.9 billion in the first half of FY24. Adjusted operating income is anticipated to be between $160 million and $190 million in H1 of FY24.
Analysts are cautiously optimistic about LOGI stock with a Moderate Buy consensus rating based on five Buys and five Holds.
