Logitech Quarterly Net Profit Rises 11.5%
Logitech International , the world's largest maker of computer mice, posted an 11.5 percent rise in first-quarter net profit on Monday, boosted by the strong performance of Harmony-brand remotes.
First-quarter net profit rose to $29 million, or 16 cents per share, weaker than market expectations, and compared with $26 million, or 14 cents per share, last year.
The group was expected to post a 27 percent jump in net profit to $33 million, the average estimate in a Reuters poll of 12 analysts showed.
The company confirmed in a statement its financial targets of 15 percent growth in both sales and operating income for fiscal year 2009.
Gross margin in 2009 was expected to be above the company's long-term target range of 32-34 percent.
Logitech , which also makers speakers, webcams and keyboards, said its first-quarter gross margin rose in the year-ago period and retail sales grew.
Sales of webcams, which are part of the group's video category, disappointed investors in the fiscal year 2008 as Logitech faced increased competition from Microsoft .