Universal Electronics (NASDAQ: UEIC) reported Q2 EPS of $0.38, in-line with the analyst estimate of $0.38. Revenue for the quarter came in at $162.5 million versus the consensus estimate of $162.12 million.

Paul Arling, UEI's chairman and CEO, stated, “As the leader in wireless universal control and sensing, we continue to create long-term growth opportunities in audio-video as well as home automation. The connected home has arrived, and the adoption of advanced, intuitive 2-way home entertainment systems enabling one-touch view and connected voice in the home has begun and will soon become the standard. The road to success is never smooth, as illustrated by our second quarter revenue, which as projected was lower than historical results. However, orders are rebounding significantly, and third quarter sales are expected to be one of the strongest in our history.

“Regardless of quarterly shifts, our commitment to shareholders remains steadfast, and we are constantly pursuing new market opportunities and operational efficiencies. We are leveraging our best-in-class global control database and technology solutions, our strength in low power radio frequency, and our scalable cloud architecture that delivers automated discovery, set-up and control to fuel our expansion into home automation markets. In fact, we expect our sales of home control and sensor devices to exceed $130 million this year. Industry experts are projecting home automation channels to grow at a double-digit rate over the next three years, and we believe we are in the early stages of home automation adoption and deployment by our current customers and new entrants which have chosen UEI as their product or technology provider. Home automation, together with the growing adoption of next-generation connected voice platforms for A/V control, fuel our strong long-term outlook.”

GUIDANCE:

Universal Electronics sees Q3 2018 EPS of $0.65-$0.75, versus the consensus of $0.65. Universal Electronics sees Q3 2018 revenue of $182-190 million, versus the consensus of $177.08 million.

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