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Logitech Q4 beats estimates
(Reuters) - Logitech, the world's largest computer mouse maker, posted a nine-fold jump in fourth-quarter profit, beating analysts' expectations, and outlined plans to further streamline its business.
The Switzerland-based company, which also makes speakers, webcams and keyboards, is cutting costs to boost profitability amid a soft euro and weak economic environment.
Logitech said it removed a layer of business and sales management and plans to streamline most other functions by the end of the current quarter.
The company expects to cut about $80 million in annual operating costs through the restructuring.
Net income rose to $28 million in the fourth quarter, or 17 cents per share, from $3 million, or 2 cents per share, a year earlier, the company said.
That beat an average forecast of $12.2 million in a Reuters poll.
Sales fell 3 percent from a year earlier to $532 million.
Logitech said the launch of new products, the majority of which are expected in the second quarter, to drive growth in the second half of fiscal 2013.
Logitech's most recent forecast was for full-year sales of some $2.3 billion and operating income of around $60 million.
(Reporting by Catherine Bosley in Zurich and Ranjita Ganesan in Bangalore; Editing by Ryan Woo)
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