RTTNews | Jan 18, 2021 09:29PM EST

21:28 Monday, January 18, 2021 (RTTNews.com) - Logitech International (LOGI) reported that its net income for the third quarter of fiscal year 2021 significantly increased to $382.52 million or $2.22 per share from $117.53 million or $0.69 per share in the prior year.

"This quarter's record results demonstrate the strength of our portfolio, addressing long-term growth trends in remote work and education, video collaboration, esports, and digital content creation," said Bracken Darrell, Logitech president and chief executive officer.

Quarterly non-GAAP earnings per share grew 192 percent to $2.45, from $0.84 in the same quarter a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of $1.02 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the third-quarter were $1.67 billion, up 85 percent in US dollars and 80 percent in constant currency, compared to the prior year. Analysts expected revenue of $1.23 billion for the quarter.

The company raised its fiscal Year 2021 annual outlook to between 57 and 60 percent sales growth in constant currency, and about $1.05 billion in non-GAAP operating income. The company's previous outlook was between 35 and 40 percent sales growth in constant currency, and a range of $700 million to $725 million in non-GAAP operating income.

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