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Universal Electronics UEIC shares ended the last trading session 8.5% higher at $9.29. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 6.5% loss over the past four weeks.
Universal Electronics is benefiting from expanding customer relationships and increasing design wins in the connected home and home entertainment markets.
This remote control maker is expected to post quarterly earnings of $0.15 per share in its upcoming report, which represents a year-over-year change of +87.5%. Revenues are expected to be $102.57 million, down 4.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Universal Electronics, the consensus EPS estimate for the quarter has been revised 123.1% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on UEIC going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold).
Universal Electronics is a member of the Zacks Electronics - Miscellaneous Products industry. One other stock in the same industry, Hayward Holdings, Inc. HAYW, finished the last trading session 0.9% lower at $13.56. HAYW has returned -3.4% over the past month.
For Hayward Holdings, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.10. This represents a change of +11.1% from what the company reported a year ago. Hayward Holdings currently has a Zacks Rank of #2 (Buy).
Zacks Investment Research
Sept 3 (Reuters) - Universal Electronics Inc UEIC.O:
UNIVERSAL ELECTRONICS- ON AUG 29, UNIT ENTERED LINE OF CREDIT AGREEMENT, MAXIMUM MORTGAGE CONTRACT & WORKING CAPITAL LOAN CONTRACT
UNIVERSAL ELECTRONICS- UNDER BOC LOAN CONTRACTS, UNIT ALLOWED TO BORROW UP TO 80 MILLION RMB FOR GENERAL BUSINESS PURPOSES UNTIL JULY 24, 2025
Source text for Eikon: [ID:n0000101984-24-000150]
Further company coverage: UEIC.O
Universal Electronics just reported results for the second quarter of 2024.
InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at editor@investorplace.com.
More from InvestorPlace
Universal Electronics came out with a quarterly loss of $0.09 per share versus the Zacks Consensus Estimate of a loss of $0.04. This compares to loss of $0.06 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -125%. A quarter ago, it was expected that this remote control maker would post a loss of $0.24 per share when it actually produced a loss of $0.19, delivering a surprise of 20.83%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Universal Electronics, which belongs to the Zacks Electronics - Miscellaneous Products industry, posted revenues of $90.45 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 4.64%. This compares to year-ago revenues of $107.39 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Universal Electronics shares have added about 16.1% since the beginning of the year versus the S&P 500's gain of 9%.
What's Next for Universal Electronics?
While Universal Electronics has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Universal Electronics: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.24 on $107.35 million in revenues for the coming quarter and $0.21 on $398.44 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Electronics - Miscellaneous Products is currently in the top 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Dragonfly Energy Holdings Corp. , has yet to report results for the quarter ended June 2024. The results are expected to be released on August 14.
This company is expected to post quarterly loss of $0.16 per share in its upcoming report, which represents a year-over-year change of +36%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Dragonfly Energy Holdings Corp.'s revenues are expected to be $14.17 million, down 26.5% from the year-ago quarter.
Zacks Investment Research
Universal Electronics Inc. (UEI), a global leader in wireless universal control solutions for home entertainment and smart home devices, has released its financial results for the second quarter of 2024. The company continues to innovate in wireless control solutions and has reported several key financial metrics for the three and six months ended June 30, 2024.
Financial Highlights
For the second quarter of 2024, UEI reported GAAP net sales of $90.5 million, a decrease from $107.4 million in the same period last year. The GAAP gross margin improved to 28.7%, up from 22.9% in Q2 2023. The company also reported a GAAP net loss of $8.2 million, or $0.63 per share, compared to a net loss of $10.4 million, or $0.81 per share, in the prior year quarter.
For the six months ended June 30, 2024, GAAP net sales were $182.4 million, down from $215.8 million in the same period last year. The GAAP gross margin for the first half of 2024 was 28.5%, compared to 22.9% in the first half of 2023. The GAAP net loss for the six months was $16.8 million, or $1.30 per share, compared to a net loss of $71.8 million, or $5.61 per share, in the first half of 2023.
Business and Operational Highlights
UEI's innovative wireless control solutions and patented technologies continue to capture design wins from major global household brands. Despite some quarter-end orders being pushed out to early Q3, net sales were within guidance. The company has nearly completed its two-year plan to optimize its global manufacturing footprint, resulting in significantly higher margins. The gross margin percentage increased by 580 basis points over the prior year quarter.
UEI's pipeline of new product developments, recent design wins, and new project engagements are laying the foundation for a strong future. The company continues to fortify its business by fostering new and existing customer relationships, expanding its intellectual property portfolio, and managing expenses.
Strategic Initiatives and Corporate Developments
During the second quarter of 2024, UEI repurchased approximately 27,000 shares in the open market for $0.3 million. The company expects to be profitable for the second half of 2024 and to deliver consistent sales and earnings growth into 2025, 2026, and beyond.
Management's Perspective
Paul Arling, UEI Chairman and CEO, commented, "Our innovative wireless control solutions and patented technologies continue to capture design wins from major global household brands across all areas of the business. Our pipeline of new product developments, recent design wins, and new project engagements are laying the foundation for a strong future. We continue to fortify our business by fostering new and existing customer relationships, expanding our intellectual property portfolio, and managing our expenses."
Future Outlook
For the third quarter of 2024, UEI expects GAAP net sales to range from $98.0 million to $108.0 million, compared to $107.1 million in Q3 2023. The company anticipates a GAAP loss per share ranging from $0.33 to $0.23, compared to a GAAP loss per share of $1.50 in Q3 2023. Adjusted Non-GAAP net sales are expected to be in the same range, with Adjusted Non-GAAP earnings per diluted share expected to range from $0.01 to $0.11 per share, compared to $0.06 per share in Q3 2023.
SEC Filing: UNIVERSAL ELECTRONICS INC [ UEIC ] - 8-K - Aug. 08, 2024
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