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Sep 30, 2022
Universal Electronics Q3 2022 Earnings Report
Reported financial results with increased sales contribution from products with advanced features and IP, expanded gross margins, and triple digit quarterly EPS.
Key Takeaways
Universal Electronics Inc. reported mixed financial results for Q3 2022. While GAAP net sales decreased to $148.5 million from $155.6 million in the same period last year, the company experienced an increase in GAAP gross margins to 29.9% from 29.4%. GAAP operating income rose to $11.5 million from $8.9 million, and GAAP net income was $7.2 million, or $0.57 per diluted share, compared to a net loss of $1.0 million, or $0.07 per share in 2021.
Secured projects with leaders in climate control, home automation and security markets.
Increased sales contribution from products with advanced features and IP.
Expanded third quarter gross margins to recent highs.
Posted triple digit quarterly EPS, well above guidance.
Forward Guidance
For the fourth quarter of 2022, the company expects GAAP net sales to range between $125 million and $140 million, compared to $144.9 million in the fourth quarter of 2021. GAAP earnings per diluted share for the fourth quarter of 2022 are expected to range from $0.37 to $0.47, compared to a GAAP loss per share of $0.49 in the fourth quarter of 2021. Adjusted Non-GAAP earnings per diluted share are expected to range from $0.75 to $0.85, compared to Adjusted Non-GAAP earnings per diluted share of $0.68 in the fourth quarter of 2021.
Positive Outlook
- GAAP net sales to range between $125 million and $140 million
- GAAP earnings per diluted share for the fourth quarter of 2022 are expected to range from $0.37 to $0.47
- Adjusted Non-GAAP net sales to range from $125 million to $140 million
- Adjusted Non-GAAP earnings per diluted share are expected to range from $0.75 to $0.85.
- Reiterates long-term growth targets of sales between 5% and 10% and EPS between 10% and 20%.
Challenges Ahead
- GAAP net sales to range between $125 million and $140 million, compared to $144.9 million in the fourth quarter of 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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