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Universal Electronics Reports Financial Results for the Second Quarter 2023
SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- Universal Electronics Inc. (UEI) (NASDAQ: UEIC) reported financial results for the three and six months ended June 30,
About this update from Universal Electronics Inc.
[{"type":"text","content":" SCOTTSDALE, Ariz.--(BUSINESS WIRE)--\nUniversal Electronics Inc. (UEI) (NASDAQ: UEIC) reported financial results for the three and six months ended June 30, 2023.\n\n\n“In the second quarter of 2023, sales met and the bottom-line exceeded our expectations,” said Paul Arling, UEI’s chairman and CEO. “Our patented, leading wireless control technology delivers interoperability that is desired in more and more applications throughout the connected home. New and repeat customers continue to select UEI’s innovation, quality, and service, and customer project awards are growing, particularly in climate control, home automation, and security.”\n\n\nUEI’s CFO Bryan Hackworth added, “We have been implementing our strategy to improve margins and operating efficiencies by restructuring our manufacturing footprint to optimize capacity. Our new production facility in Vietnam commenced operations in the second quarter of 2023, as planned. Contingent upon our Vietnam facility reaching its production targets, we intend to close our southwestern China factory by the fourth quarter of 2023. This action will reduce overhead costs while lowering our concentration risk in China. These strategic initiatives position us to drive bottom-line improvements.”\n\n\nFinancial Results for the Three Months Ended June 30: 2023 Compared to 2022\n\n\n\nGAAP 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.\n\n\n\nGAAP gross margins were 22.9%, compared to 28.3%; Adjusted Non-GAAP gross margins were 25.4%, compared to 29.1%.\n\n\n\nGAAP operating loss was $9.1 million, compared to GAAP operating income of $5.5 million; Adjusted Non-GAAP operating loss was $1.9 million, compared to Adjusted Non-GAAP operating income of $10.1 million.\n\n\n\nGAAP net loss was $10.4 million, or $0.81 per share, compared to GAAP net income of $3.0 million or $0.23 per diluted share; Adjusted Non-GAAP net loss was $0.8 million, or $0.06 per share, compared to Adjusted Non-GAAP net income of $8.4 million, or $0.66 per diluted share.\n\n\n\nAt June 30, 2023, cash and cash equivalents were $55.8 million.\n\n\n\nFinancial Results for the Six Months Ended June 30: 2023 Compared to 2022\n\n\n\nGAAP net sales were $215.8 million, compared to $271.5 million; Adjusted Non-GAAP net sales were $215.8 million, c...