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Sep 30, 2020
Universal Electronics Q3 2020 Earnings Report
Reported financial results, showing increased gross margins and operating income compared to the same period last year, while guiding for record profitability in Q4 2020.
Key Takeaways
Universal Electronics reported Q3 2020 financial results with GAAP net sales of $153.5 million and a GAAP net income of $6.2 million, or $0.43 per diluted share. The company's adjusted non-GAAP margins, both gross and operating, reached their highest levels in the last ten years. UEI anticipates continued growth and innovation in wireless control technology.
GAAP net sales were $153.5 million, compared to $200.7 million in Q3 2019.
GAAP gross margins increased to 28.8% from 23.2% in the prior year.
GAAP operating income was $10.2 million, up from $6.1 million year-over-year.
The board authorized a stock repurchase program for up to 500,000 shares.
Forward Guidance
For the fourth quarter of 2020, UEI expects GAAP net sales to range between $150 million and $160 million, with GAAP earnings per diluted share expected to range from $0.54 to $0.64. Adjusted Non-GAAP earnings per diluted share are expected to range from $0.93 to $1.03.
Positive Outlook
- GAAP net sales are expected to range between $150 million and $160 million.
- GAAP earnings per diluted share are expected to range from $0.54 to $0.64.
- Adjusted Non-GAAP net sales are expected to range between $150 million and $160 million.
- Adjusted Non-GAAP earnings per diluted share are expected to range from $0.93 to $1.03.
- Exclusion of $0.39 per share related to excess manufacturing overhead costs, stock-based compensation, amortization of acquired intangibles, changes in contingent consideration relating to acquisitions, litigation costs, foreign currency gains and losses and the related tax impact of these adjustments.
Challenges Ahead
- GAAP net sales are expected to be between $150 million and $160 million, compared to $174.7 million in Q4 2019.
- GAAP earnings per diluted share for the fourth quarter of 2020 are expected to range from $0.54 to $0.64, compared to $0.49 in Q4 2019.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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