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tdp2664 Epic Stock Picks Logitech International SA (USA) (NASDAQ: LOGI) shares plummeted 18.86% since Friday after the company announced that its profits would be much lower than previously expected. On Wednesday, in an ad-hoc media release, the company announced that it is lowering its FY 2011, ending March 31, 2011 guidance. The company now guides for $2.35-2.37 billion of FY 2011 sales, down from the previous range of $2.4-2.42 billion & the consensus estimate of $2.41 billion. While the old guidance implied around 11-15% LfL growth for the Jan-Mar quarter, the new guidance implies 1-5% LfL growth. The company also reduced its FY 2011 EBIT guidance by around 17% to $140-150 million from the previous guidance of $170-180 million. Hence there is around 19% downside to current FY 2011 consensus EBIT of $181 million. According to Logitech the guidance revision is primarily due to weakness in the EMEA retail sales region. The company experienced lower-than-expected demand for its retail products (mice, keyboards, PC speakers, webcams, gaming peripherals and universal remotes) in EMEA from both distribution partners and consumers. The implied guidance for 1Q11 is $545 million in revenue, $6 million in EBIT and $0.03 in EPS versus prior forecast of $595 million in revenue, $36 million and $0.16 in EPS. The company is scheduled to report earnings at the end of the month, on April 28, 2011. Shares of the maker of peripheral computer devices craters went down by 18.86% to $14.71 after the company lowered FY 2011 guidance to a midpoint of $2.36 billion from previous guidance of $2.41 billion, with EBIT of $145 million from previous guidance of $175 million. Logitech International S.A. (Logitech) is a provider of personal peripherals for computers and other digital platforms. The Company develops and markets products in personal computer (PC) navigation, Internet communications, digital music, home-entertainment control, gaming and wireless devices. Disclaimer: The assembled information distributed by epicstockpicks.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstockpicks.com does expect that investors will buy and sell securities based on information assembled and presented herein. EpicStockPicks.com will not be responsible in any way for or accept any liability for any losses arising from an investor's reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.
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