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Sep 30, 2021
Universal Electronics Q3 2021 Earnings Report
Reported financial results for the third quarter of 2021, impacted by shipping delays and component shortages, but maintained strong gross margins and achieved record bottom line due to cost controls.
Key Takeaways
Universal Electronics reported a slight increase in net sales compared to the same quarter last year, but experienced a decrease in operating income and a net loss. Despite challenges from shipping delays and component shortages, the company maintained strong gross margins and benefited from cost controls.
GAAP net sales were $155.6 million, compared to $153.5 million in the same quarter last year.
GAAP operating income was $8.9 million, compared to $10.2 million in the prior year.
GAAP net loss was $1.0 million, or $0.07 per share, compared to net income of $6.2 million, or $0.43 per diluted share last year.
Cash and cash equivalents were $58.8 million as of September 30, 2021.
Forward Guidance
For the fourth quarter of 2021, the company expects net sales to range between $143 million and $158 million, and GAAP earnings per diluted share to range from $0.10 to $0.25. Adjusted Non-GAAP earnings per diluted share are expected to range from $0.65 to $0.80.
Positive Outlook
- Net sales are expected to range between $143 million and $158 million.
- GAAP earnings per diluted share are expected to range from $0.10 to $0.25.
- Adjusted Non-GAAP net sales to range from $143 million to $158 million.
- Adjusted Non-GAAP earnings per diluted share are expected to range from $0.65 to $0.80.
- Company continues to believe in its long-term growth targets of sales between 5% and 10% and EPS between 10% and 20%.
Challenges Ahead
- Net sales are expected to be lower than the $156.3 million in the fourth quarter of 2020.
- GAAP earnings per diluted share are expected to be lower than the $0.86 in the fourth quarter of 2020.
- Adjusted Non-GAAP net sales are expected to range from $143 million to $158 million, compared to $156.4 million in the fourth quarter of 2020.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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