Logitech beats forecasts after US tariff refund

Logitech International reported better-than-expected quarterly sales and profit on Tuesday, helped by a big refund of tariffs imposed under U.S. President Donald Trump.

The Swiss-U.S. maker of computer mice, keyboards and headsets reported non-GAAP adjusted operating income of $290 million for the three months to end-June, up 44% from a year earlier and well ahead of analysts' forecast of $209 million.

Results were boosted by a $61 million tariff refund related to products made in China, Vietnam, Malaysia, Mexico, Thailand and Taiwan and shipped to the United States, Logitech's largest market.

U.S. companies are seeking to recover up to $166 billion in tariffs after courts found duties imposed by Trump last year were collected illegally and must be repaid.

Even excluding the refund, Logitech's profit for the first quarter of its fiscal year was 14% higher than a year earlier.

Quarterly sales increased 7% to $1.23 billion, ahead of analysts' expectations of $1.20 billion, according to a Visible Alpha consensus.

Logitech said it was seeing strong demand for its gaming products, pointing devices and video-conferencing equipment, with momentum expected to continue for the rest of the year.