Logitech International S A
The company forecast first-quarter sales of $300 million to $320 million and an operating loss of $40 million to $50 million. It said the first quarter, historically the company's weakest, would be the low point of the year for operating results.
Its customers have been significantly lowering their levels of required supply and Logitech said it was realigning itself to the new levels through promotional activities and reduced shipments.
The fourth-quarter net loss was $35 million, or 20 cents per share, versus a year-earlier profit of $60.3 million, or 32 cents per share.
Excluding items, adjusted loss per share was 11 cents. Analysts on average were expecting the company to earn 7 cents a share on revenue of $486.5 million for the fourth quarter, according to Reuters Estimates.
Fourth-quarter sales fell 32 percent to $408 million, but Logitech said its market share was largely stable, and in some cases growing across most of its product categories.
A stronger dollar also contributed to the sales decline. Sales were down 36 percent in Europe, Middle East and Africa (EMEA), 33 percent in the Americas, and 14 percent in Asia.
The company said it booked pre-tax restructuring charges of $20.5 million during the quarter.
(Reporting by Emily Chasan and Jennifer Robin Raj in Bangalore, Editing by Lincoln Feast)