8-K
filed May 4, 2023, 7:59 PM ET
ticker UEIC
CIK 0000101984
earnings
confidence high
sentiment negative
materiality 0.85
UEI Q1 2023 net sales fall 18% YoY; GAAP net loss $61.4M includes $49.1M goodwill impairment
UNIVERSAL ELECTRONICS INC
2023-Q1 EPS reported
-$4.81
revenue$108,377,000
- GAAP net sales $108.4M vs $132.4M YoY; GAAP gross margin 22.8% vs 27.4%.
- GAAP operating loss $59.5M (includes $49.1M non-cash goodwill impairment); adjusted non-GAAP operating loss $3.6M.
- GAAP net loss $61.4M ($4.81 per share) vs $2.9M ($0.23); adjusted non-GAAP net loss $3.5M ($0.28 per share).
- Q2 2023 guidance: GAAP net sales $105-115M, GAAP loss per share $0.94-0.84; adjusted non-GAAP loss per share $0.25-0.15.
- Extended credit facility to $125M through April 2024; restructuring Vietnam facility expected to save $15M annually by 2024.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
UNIVERSAL ELECTRONICS INC reported first quarter ended March 31, 2023 results: revenue $108.4 million, net income $3.5 million, EPS $0.28 per share.
- Period
- first quarter ended March 31, 2023
- Revenue
- $108.4 million
- Net income
- $3.5 million
- EPS
- $0.28 per share
- Result
- reported results
Exact text from the filing
Financial Results for the Three Months Ended March 31: 2023 Compared to 2022 • GAAP net sales were $108.4 million, compared to $132.4 million; Adjusted Non-GAAP net sales were $108.4 million, compared to $132.4 million. • GAAP gross margins were 22.8%, compared to 27.4%; Adjusted Non-GAAP gross margins were 25.4%, compared to 28.9%. • GAAP operating loss was $59.5 million, including a $49.1 million non-cash charge for goodwill impairment, which resulted from a decline in the company’s market capitalization, compared to $0.6 million; Adjusted Non-GAAP operating loss was $3.6 million, compared to Adjusted Non-GAAP operating income of $7.8 million. • GAAP net loss was $61.4 million, including the aforementioned non-cash charge, or $4.81 per share, compared to $2.9 million or $0.23 per share; Adjusted Non-GAAP net loss was $3.5 million, or $0.28 per share, compared to Adjusted Non-GAAP net income $6.1 million, or $0.47 per diluted share.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
UNIVERSAL ELECTRONICS INC reported second quarter of 2023 results: revenue from $105 million and $115 million, EPS range from $0.25 to $0.15. Guidance initiated.
- Period
- second quarter of 2023
- Revenue
- from $105 million and $115 million
- EPS
- range from $0.25 to $0.15
- Guidance
- initiated
- Result
- guidance update
Exact text from the filing
Financial Outlook For the second quarter of 2023, the company expects GAAP net sales to range between $105 million and $115 million, compared to $139.1 million in the second quarter of 2022. GAAP loss per share for the second quarter of 2023 is expected to range from $0.94 to $0.84, compared to GAAP earnings per diluted share of $0.23 in the second quarter of 2022.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
UNIVERSAL ELECTRONICS INC reported second quarter of 2023 results: revenue from $105 million and $115 million, EPS range from $0.25 to $0.15. Guidance initiated.
- Period
- second quarter of 2023
- Revenue
- from $105 million and $115 million
- EPS
- range from $0.25 to $0.15
- Guidance
- initiated
- Result
- guidance update
Exact text from the filing
For the second quarter of 2023, the company expects Adjusted Non-GAAP net sales to range from $105 million and $115 million, compared to $139.1 million in the second quarter of 2022. Adjusted Non-GAAP loss per share is expected to range from $0.25 to $0.15, compared to Adjusted Non-GAAP earnings per diluted share of $0.66 in the second quarter of 2022.
View on SEC.gov
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