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Jun 30, 2024
Universal Electronics Q2 2024 Earnings Report
Reported financial results for the second quarter of 2024.
Key Takeaways
Universal Electronics reported second quarter 2024 net sales within guidance, driven by innovative wireless control solutions and patented technologies. Gross margin percentage increased 580 basis points over the prior year quarter due to the completion of the two-year plan to optimize the global manufacturing footprint. The company expects to be profitable for the second half of 2024 and to deliver consistent sales and earnings growth into 2025, 2026 and beyond.
Net sales were $90.5 million.
GAAP gross margins were 28.7%, compared to 22.9%.
GAAP operating loss was $4.5 million, compared to $9.1 million.
GAAP net loss was $8.2 million, or $0.63 per share, compared to $10.4 million, or $0.81 per share.
Revenue by Segment
Forward Guidance
For the third quarter of 2024, the company expects GAAP net sales to range from $98.0 million to $108.0 million, compared to $107.1 million in the third quarter of 2023. GAAP loss per share for the third quarter of 2024 is expected to range from $0.33 to $0.23, compared to GAAP loss per share of $1.50 in the third quarter of 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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