secwatch.observer — SEC 8-K summary
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Issuer:     UNIVERSAL ELECTRONICS INC (UEIC)
CIK:        0000101984
Form:       8-K
Filed at:   2024-05-02T23:59:59+00:00
Accession:  0000101984-24-000064
Event type: earnings
Sentiment:  negative
Materiality: 0.60
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Universal Electronics Q1 sales $91.9M, loss narrows; Q2 sales guidance $90-100M
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- Q1 net sales $91.9M (down 15% YoY); GAAP net loss $8.6M (-$0.67/share) vs $61.4M loss including $49.1M goodwill impairment in Q1 2023.
- Adjusted non-GAAP net loss $2.5M (-$0.19/share) vs $3.5M loss (-$0.28); adjusted gross margin improved to 29.6% from 25.4%.
- Q2 2024 guidance: GAAP net sales $90-100M, adjusted loss per share $0.10 to $0.00; prior Q2 sales were $107.4M.
- Management cited project wins with six of top ten HVAC equipment makers; repurchased 95k shares for $0.8M in Q1.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/101984/000010198424000064/0000101984-24-000064-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/101984/000010198424000064/ueic-20240502.htm
  HTML page:      https://secwatch.observer/filing/0000101984-24-000064

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer