revenue growth
12–14 pct
FY 2018
official guidance
JONES LANG LASALLE INCORPORATED
Last · —$295.25-3.07 (-1.03%)live · yahoo · 2h ago
Market cap$14.23B—
P/E · TTM15.0fwd — · eps —
Beta—vs S&P 500
Div yield—annual · TTM
52w range
——
Volume—session
| Revenue | $27.4B |
|---|---|
| Operating income | $495.5M |
| Net income | $374.6M |
| Operating margin | 1.8% |
| Net margin | 1.4% |
| Return on equity | 5.0% |
| Period | TTM 2026-06-30 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong multi-category growth and raised guidance outweigh near-term execution and product-quality risks.
Buy: Logitech delivered record Q3 sales growth of 18% and non-GAAP operating-income growth of 18%, with gaming up 57%, mobile speakers up 34%, video collaboration up 25%, and smart home up 41%.
FY2018 guidance was raised to 12%–14% constant-currency sales growth and $270 million–$280 million non-GAAP operating income, but weak PC peripherals, European channel inventory correction, product-quality issues, and the unresolved durability of growth temper upside.
Themes
- Record Sales
- Gaming Growth
- Video Collaboration
- Mobile Speakers
- Distribution Center Issue
- Product Quality
Near term
Q4 should follow normal seasonality, with sales expected to decline 25%–30% sequentially from Q3; gaming remains structurally strong but mobile-speaker growth is not expected to repeat its 34% Q3 rate.
The Americas distribution-center transition is expected to be largely resolved, although residual costs may continue for several weeks; the issue reduced Q3 gross margin by approximately 150 basis points.
March Analyst and Investor Day is the next catalyst for FY2019 product-pipeline, margin, and growth commentary.
Channel inventory normalization in Europe may take roughly another quarter, while PC peripherals are expected to remain broadly flat to slightly up.
Longer term
Gaming is the strongest structural growth engine: the market is growing double digits, Logitech says it is gaining share across multiple segments, and ASTRO contributed 4% of Q3 sales.
Video collaboration has reached an annualized run rate of approximately $200 million and continues to benefit from demand for lower-cost, cloud-based solutions.
Wireless gaming, true wireless earphones, smart home, and connected speakers expand Logitech beyond its mature PC-peripherals base, but execution must convert launches into sustained sell-through.
Management intends to reinvest gross-margin gains into growth; therefore, mix-driven improvement from gaming is unlikely to produce a major near-term uplift to the 35%–37% gross-margin framework.
The competitive moat depends on continued product innovation and execution. Analyst questioning highlighted that several new products launched with below-normal consumer ratings, exposing software, firmware, and connectivity weaknesses.
Red flags
Management acknowledged that Jaybird RUN had antenna and disconnection issues, Circle 2 had early wireless-product problems, and BLAST/MEGABLAST lacked expected features at launch; repairs and firmware updates may not fully reverse poor early reviews.
Management declined to quantify the FY2019 product-launch pipeline despite direct analyst questioning, offering only a general assurance that innovation would continue across categories.
The 150-basis-point distribution-center drag is expected to disappear, but management explicitly said investors should not assume the full amount will flow back into reported gross margin because it may be reinvested.
PC peripherals remain exposed to a secular market decline, and the reported 4% Q3 decline was characterized as an anomaly despite limited evidence of a fundamental market turn.
European sell-in growth was only 2% and reflected a broad channel inventory adjustment; the expected recovery is management's forecast rather than demonstrated demand acceleration.
Forward outlook
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2022-02-28
- Current Ratio Low
Red flags
- Current Ratio Low — Current ratio 0.98
Upcoming earnings
1:30 PM UTC+1
Period
Sep 2026
Est. EPS
$6.20
Est. revenue
7.3B
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