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Sep 30, 2024
Universal Electronics Q3 2024 Earnings Report
Reported financial results, with net sales within guidance and improved gross profit and bottom line.
Key Takeaways
Universal Electronics reported third quarter 2024 financial results, showing net sales within the projected range, an increase in gross profit, and an improved bottom line. The company's customer growth strategy and optimization initiatives are beginning to yield results. They anticipate year-over-year growth in both top and bottom lines for the fourth quarter of 2024 and the full year 2025.
Net sales were $102.1 million.
GAAP gross margins increased to 30.1% compared to 19.1% in the same quarter last year.
GAAP operating income was $0.4 million, a significant improvement from the $14.0 million operating loss in the prior year.
GAAP net loss improved to $2.7 million, or $0.20 per share, compared to a net loss of $19.4 million, or $1.50 per share, in the same quarter of the previous year.
Forward Guidance
For the fourth quarter of 2024, Universal Electronics expects GAAP net sales to range from $99.0 million to $109.0 million, compared to $97.6 million in the fourth quarter of 2023. GAAP loss per share for the fourth quarter of 2024 is expected to range from $0.27 to $0.17, compared to GAAP loss per share of $0.55 in the fourth quarter of 2023. Adjusted Non-GAAP earnings per diluted share are expected to range from $0.10 to $0.20 per share, compared to Adjusted Non-GAAP loss per share of $0.04 in the fourth quarter of 2023.
Positive Outlook
- Net sales are expected to be between $99.0 million and $109.0 million
- Adjusted Non-GAAP net sales are expected to be between $99.0 million and $109.0 million
- Loss per share is expected to be between $0.27 and $0.17
- Adjusted Non-GAAP earnings per diluted share are expected to range from $0.10 to $0.20 per share
Historical Earnings Impact
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Avg. Return Before/After Earnings
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