Switzerland's Logitech International (LOGI) reported second quarter net income of $72 million or $0.39 per share, compared to last year period's $12 million or $0.06 per share, which included an impairment loss of $67.4 million or $0.36 per share on the value of short-term investments.
Quarterly sales rose 12% to $665 million from $595 million in the same quarter last year.
Analysts polled by First Call/Thomson Financial expected the company to report earnings for the quarter of $0.43 per share on $672.09 million sales.
Gross margin for the second quarter was 34.3%, versus 36.3% in the prior year period.
For fiscal year 2009, the company currently expects growth of 6%-8% in sales and 3%-5% in operating income, revised from the original target of 15% growth for both, due to pervasive economic uncertainty, both in North America and Europe.
Logitech said it continues to expect fiscal year 2009 gross margin to be above its long-term target range of 32%-34%.
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