Universal Electronics reports Q3 net loss; authorizes up to 1M share buyback

UNIVERSAL ELECTRONICS INC

2023-Q3 EPS reported -$7.10 revenue$322,863,000

GAAP net sales $107.1M vs $148.5M YoY; GAAP net loss $19.4M ($1.50 loss per share).
Adjusted non-GAAP net income $1.1M ($0.08 diluted EPS) vs $12.6M ($1.00) YoY.
Board authorized stock repurchase program for up to 1 million shares.
Q4 2023 guidance: GAAP net sales $95–$105M; adjusted non-GAAP EPS loss $0.05 to profit $0.05.
Closed southwest China factory in Sept, ahead of schedule; Vietnam facility meeting efficiency targets.

item 2.02 item 8.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

UNIVERSAL ELECTRONICS INC updated its the three and nine months ended September 30, 2023 guidance (reaffirmed).

Period: the three and nine months ended September 30, 2023
Guidance: reaffirmed
Result: reported results

Exact text from the filing

On November 2, 2023, Universal Electronics Inc. ("UEI") issued a press release reporting financial results for the quarter ended September 30, 2023 and certain other information. A copy of UEI's press release is attached as Exhibit 99 and incorporated herein by reference.

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Source: SEC EDGAR

accession 0000101984-23-000055

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