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Mar 31, 2022
Universal Electronics Q1 2022 Earnings Report
Reported a decrease in net sales and a shift from operating income to operating loss due to persistent supply chain headwinds.
Key Takeaways
Universal Electronics Inc. reported a decrease in GAAP net sales to $132.4 million compared to $150.5 million in the same period last year, and a GAAP operating loss of $0.6 million compared to an operating income of $8.6 million in the prior year. The company is expecting improvements in supply and increased demand in the second half of 2022.
GAAP net sales were $132.4 million, compared to $150.5 million.
GAAP gross margins were 27.4%, compared to 30.8%.
GAAP operating loss was $0.6 million, compared to operating income of $8.6 million.
GAAP net loss was $2.9 million, or $0.23 per share, compared to net income of $7.0 million or $0.49 per diluted share.
Forward Guidance
For the second quarter of 2022, the company expects GAAP net sales to range between $133 million and $143 million, and GAAP earnings per diluted share to range from $0.23 to $0.33. Adjusted Non-GAAP net sales are expected to range from $133 million to $143 million, and Adjusted Non-GAAP earnings per diluted share are expected to range from $0.53 to $0.63.
Positive Outlook
- Expects GAAP net sales to range between $133 million and $143 million.
- GAAP earnings per diluted share are expected to range from $0.23 to $0.33.
- Adjusted Non-GAAP net sales to range from $133 million to $143 million.
- Adjusted Non-GAAP earnings per diluted share are expected to range from $0.53 to $0.63.
- Long-term growth targets of sales between 5% and 10% and EPS between 10% and 20%.
Challenges Ahead
- GAAP net sales in Q2 2021 were $150.5 million, higher than the expected range for Q2 2022.
- GAAP earnings per diluted share in Q2 2021 were $0.40, higher than the expected range for Q2 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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