Logitech International lifted its full-year guidance on Tuesday after the computer keyboard and webcam maker increased profit and slowed the rate of its sales downturn during its second quarter ended September 30.
The Swiss-American company, which experienced a strong pandemic as people stocked up on its equipment to work from home, added it was closer to finding a new chief executive after Bracken Darrell left in June to take charge of Vans sneaker maker VF Corp.
Both developments are likely to boost the company, whose chairperson Wendy Becker came under fire from co-founder Daniel Borel last month.
Interim chief executive Guy Gecht said he was pleased with Logitech's development during what he described as a "challenging environment."
"We made great progress toward a return to growth and exceeded our pre-pandemic profit levels," said Gecht in a statement.
In the three months to September 30, Logitech continued its sales fall as it lapped high comparisons during the pandemic years.
However, the 8 per cent drop in the second quarter to US$1.06 billion was half the rate of the previous quarter's 16 per cent fall in sales.
This meant sales during the company's first half fell 12 per cent - better than the 19 per cent-14 per cent fall Logitech had been expecting.
Meanwhile, profit rose as Logitech continued to cut costs by reducing spending on logistics and promotions.
Non-GAAP operating income in the second quarter rose 17 per cent to US$183 million, pushing the half-year figure to US$292 million - better than the US$180 to US$220 million Logitech forecast.
As a result, Logitech, which also makes mobile speakers, headsets and computer mice, lifted its full-year sales and profit outlook.
It now expects full-year sales of US$4 billion to 4.15 billion, up from its previous view of US$3.8 billion to US$4 billion.
Full-year non-GAAP operating income is also expected to be higher than its earlier forecast, at US$525 million to US$575 million, Logitech said.
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