Business
Universal Electronics Reports Financial Results for the Third Quarter 2020
- Guides for Record Profitability in Q4 2020 - - Board Authorizes Stock Repurchase Program for Up to 500,000 Shares - SCOTTSDALE, Ariz.--(BUSINESS WIRE)--
About this update from Universal Electronics Inc.
[{"type":"text","content":"\n- Guides for Record Profitability in Q4 2020 -\n\n- Board Authorizes Stock Repurchase Program for Up to 500,000 Shares -\n\n SCOTTSDALE, Ariz.--(BUSINESS WIRE)--\nUniversal Electronics Inc. (UEI), (NASDAQ: UEIC) reported financial results for the three and nine months ended September 30, 2020.\n\n“Our strategies to develop differentiated advanced products, license technology, expand our margins and improve our profitability continue to successfully build upon our foundation for sustainable growth,” said Paul Arling, UEI’s chairman and CEO. “In fact, our adjusted non-GAAP margins - both gross and operating - on a year to date basis through September are the highest levels we’ve achieved in the last ten years. And, this is just the beginning of the next phase of our market evolution: the convergence of traditional TV, on-demand content and streaming apps, which is driving increased demand for our technology. Over the years, our customers’ have introduced numerous wireless control devices using our chip technology and proprietary QuickSet® platform to power 2-way, IP-connected home entertainment and home automation control. In October, we unveiled the most recent example with Liberty Global. We are very excited about our customers’ product development roadmaps. Looking ahead, we believe UEI will continue to be the foundation of wireless control for countless next-generation, voice-enabled platforms and our technology will continue to lead marketplace innovation.”\n\nFinancial Results for the Three Months Ended September 30: 2020 Compared to 2019\n\n\nGAAP net sales were $153.5 million, compared to $200.7 million; Adjusted Non-GAAP net sales were $153.7 million, compared to $200.9 million.\n\n\nGAAP gross margins were 28.8%, compared to 23.2%; Adjusted Non-GAAP gross margins were 30.0%, compared to 26.8%.\n\n\nGAAP operating income was $10.2 million, compared to $6.1 million; Adjusted Non-GAAP operating income was $17.0 million, compared to $18.7 million.\n\n\nGAAP net income was $6.2 million, or $0.43 per diluted share, compared to $2.7 million or $0.19 per share; Adjusted Non-GAAP net income was $13.1 million, or $0.92 per diluted share, compared to $14.3 million, or $1.01 per diluted share.\n\n\nAt September 30, 2020, cash and cash equivalents were $67.1 million.\n\n\nFinancial Results for the Nine Months Ended September 30: 20...