Business
Universal Electronics Reports Financial Results for the Third Quarter 2021
SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- Universal Electronics Inc. (UEI) (NASDAQ: UEIC) reported financial results for the three and nine months ended September
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 nine months ended September 30, 2021.\n\n“We continue to see long-term demand for innovative home entertainment and automation control solutions,” said Paul Arling, UEI’s chairman and CEO. “However, macro-economic pressures have persisted. Although third quarter sales were impacted more than anticipated by shipping delays as well as ongoing component shortages, our product mix maintained strong gross margins. Our continued cost controls yielded a record bottom line for both the third quarter and nine months ended September 30, 2021.\n\n“We are leveraging 35 plus years’ experience to navigate these immediate challenges. In the third quarter, we secured multiple design wins for control products in the HVAC and home automation channels. As is typical, these long-lived projects are awarded well ahead of shipping dates; therefore, related revenue is expected in late 2022 and 2023. Our goal is to replicate the success we’ve enjoyed in home entertainment, and we are excited to broaden our foothold in other channels. As always, our vision remains focused on our long-term global opportunity, and we are confident we have the technological innovation, operational prowess, and financial strength to lead the industry.”\n\nFinancial Results for the Three Months Ended September 30: 2021 Compared to 2020\n\n\nGAAP net sales were $155.6 million, compared to $153.5 million; Adjusted Non-GAAP net sales were $155.7 million, compared to $153.7 million.\n\n\nGAAP gross margins were 29.4%, compared to 28.8%; Adjusted Non-GAAP gross margins were 30.4%, compared to 30.0%.\n\n\nGAAP operating income was $8.9 million, compared to $10.2 million; Adjusted Non-GAAP operating income was $16.7 million, compared to $17.0 million.\n\n\nGAAP net loss was $1.0 million, or $0.07 per share, compared to net income of $6.2 million or $0.43 per diluted share; Adjusted Non-GAAP net income was $14.1 million, or $1.03 per diluted share, compared to $13.1 million, or $0.92 per diluted share.\n\n\nAt September 30, 2021, cash and cash equivalents were $58.8 million.\n\n\nFinancial Results for the Nine Months Ended September 30: 2021 Compared to 2020\n\n\nGAAP net sales were $456.7 million, compared to $458.4 million; Adjusted Non-GAAP net sales ...