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Jun 30, 2023
Universal Electronics Q2 2023 Earnings Report
Reported financial results with sales meeting expectations and bottom-line exceeding expectations.
Key Takeaways
Universal Electronics reported a decrease in net sales for the second quarter of 2023 compared to the previous year, but the bottom line exceeded expectations. The company is implementing strategies to improve margins and operating efficiencies by restructuring its manufacturing footprint.
Net sales were $107.4 million, compared to $139.1 million in the prior year.
GAAP operating loss was $9.1 million, compared to GAAP operating income of $5.5 million.
GAAP net loss was $10.4 million, or $0.81 per share, compared to GAAP net income of $3.0 million, or $0.23 per diluted share.
Cash and cash equivalents were $55.8 million as of June 30, 2023.
Forward Guidance
For the third quarter of 2023, the company expects GAAP net sales to range between $108.0 million and $118.0 million. GAAP loss per share for the third quarter of 2023 is expected to range from $0.73 to $0.63. Adjusted Non-GAAP earnings per diluted share are expected to range from $0.02 to $0.12.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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