Logitech FY Q4 Top Ests, But Stk Off; S&P Downgrades (Updated)

Logitech (LOGI) shares are trading lower despite better-than-expected results for FY Q4 ended March 31.

For the quarter, the peripherals company posted sales of $525 million and profits of 14 cents a share; the Street had expected $512.5 million and 9 cents.

For FY Q1, LOGI sees revenue of $450 million to $465 million, ahead of the Street at $445.4 million.

For the March 2011 year, Logitech expects revenue of about $2.3 billion, ahead of the Street at $1.95 billion. The company expects gross margin for the year of 34%, up from 31.9% in FY 2010.

Seems fine…but LOGI is down 62 cents, or 3.6%, to $16.73.

Update: Standard & Poor’s analyst Clyde Montevirgen today downgraded the stock to Hold from Buy; he says results in the quarter were below his estimate of 22 cents. “We foresee modest pressure on margins from R&D and marketing needs,” he writes. The analyst trimmed his FY 2011 forecast to 85 cents a share, from $1.20, and for FY 2012 to $1.25, from $1.40. He cuts his target on the stock to $19, from $22.