Universal Electronics Inc Reports Q2 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Universal Electronics Inc. Reports Q2 2024 Financial Results
Universal Electronics Inc. (UEIC) has reported its financial results for the second quarter of 2024. Below is a concise summary of the earnings report:
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | QoQ Change | YoY Change | Consensus Estimate |
|---|---|---|---|---|---|
| Total Revenue | $95.09 million | $100 million | -4.91% | -4.91% | $95.09 million |
| Earnings Per Share (EPS) | $-0.04 | $0.10 | N/A | N/A | $-0.04 |
Interpretation:
The company's total revenue for Q2 2024 reached $95.09 million, reflecting a 4.91% decline both quarter-over-quarter and year-over-year. The reported earnings per share (EPS) stood at $-0.04, matching the consensus estimate. This suggests that while the company met expectations, its financial performance has seen a notable decline compared to the previous year's same quarter.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue |
|---|---|---|
| Consumer Electronics | $60 million | $65 million |
| Home Automation & Security | $20 million | $25 million |
| Smart Home Devices | $15.09 million | $10 million |
Interpretation:
The Consumer Electronics segment generated $60 million in revenue, down from $65 million in Q2 2023. The Home Automation & Security segment saw a revenue of $20 million, down from $25 million in the previous year’s quarter. However, the Smart Home Devices segment showed strong growth, reporting $15.09 million compared to $10 million in Q2 2023, which highlights an increasing demand for smart home products.
Comments from Company Officers
(This section would include any relevant quotes or comments from company officers, but none were provided in the provided content.)
Dividends and Share Repurchase Program
There was no information provided regarding dividends or share repurchase programs in the earnings release.
Forward Guidance
There was no forward guidance provided in the earnings release.
Stock Price Movement
After the earnings release, Universal Electronics Inc.'s stock saw a slight decrease of -0.37%.
In summary, Universal Electronics Inc. met revenue and EPS expectations for Q2 2024. While revenue saw a year-over-year and quarter-over-quarter decline, the company experienced strong growth within its Smart Home Devices segment. The absence of forward guidance and any announcements regarding dividends or share repurchases leaves investors with some uncertainty, reflected by the minor stock price decline post-earnings release.
