Universal Electronics Q2 net sales fall to $107.4M; GAAP EPS loss $0.81; guides Q3 revenue down YoY

UNIVERSAL ELECTRONICS INC

2023-Q2 EPS reported -$5.61 revenue$215,768,000

GAAP net sales $107.4M, down 23% YoY from $139.1M; GAAP EPS loss $0.81 vs prior yr income $0.23.
Adjusted non-GAAP net loss $0.06/share vs income $0.66 in Q2 2022; operating loss $9.1M.
Q3 2023 guidance: net sales $108-118M (down from $148.5M); adjusted EPS $0.02-0.12 vs $1.00.
Vietnam factory began operations in Q2; plans to close SW China factory by Q4 2023 to cut costs.
Cash and equivalents $55.8M at June 30, 2023.

item 2.02 item 9.01

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 three months ended June 30, 2023 results: revenue $107.4 million, net income $10.4 million, EPS $0.81 per share. Guidance initiated.

Period: three months ended June 30, 2023
Revenue: $107.4 million
Net income: $10.4 million
EPS: $0.81 per share
Guidance: initiated
Result: reported results

Exact text from the filing

These strategic initiatives position us to drive bottom-line improvements.” Financial Results for the Three Months Ended June 30: 2023 Compared to 2022 • GAAP net sales were $107.4 million, compared to $139.1 million; Adjusted Non-GAAP net sales were $107.4 million, compared to $139.1 million. • GAAP gross margins were 22.9%, compared to 28.3%; Adjusted Non-GAAP

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

UNIVERSAL ELECTRONICS INC reported six months ended June 30, 2023 results: revenue $215.8 million, net income $71.8 million, EPS $5.61 per share. Guidance initiated.

Period: six months ended June 30, 2023
Revenue: $215.8 million
Net income: $71.8 million
EPS: $5.61 per share
Guidance: initiated
Result: reported results

Exact text from the filing

diluted share. • At June 30, 2023, cash and cash equivalents were $55.8 million. Financial Results for the Six Months Ended June 30: 2023 Compared to 2022 • GAAP net sales were $215.8 million, compared to $271.5 million; Adjusted Non-GAAP net sales were $215.8 million, compared to $271.5 million. • GAAP gross margins were 22.9%, compared to 27.9%; Adjusted Non-GAAP

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Source: SEC EDGAR

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