Universal Electronics, Inc. (NASDAQ: UEIC) reported Q1 EPS of $0.40, $0.05 better than the analyst estimate of $0.35. Revenue for the quarter came in at $129.8 million versus the consensus estimate of $123.21 million.

Universal Electronics, Inc. sees Q2 2014 EPS of $0.56-$0.66, versus the consensus of $0.64. Universal Electronics, Inc. sees Q2 2014 revenue of $141-149 million, versus the consensus of $144.22 million.

Bryan Hackworth, UEI’s CFO, stated: “We have generated a significant amount of cash during the past 12 months as our cash balance has increased to $90.4 million at March 31, 2014 compared to $28.7 million a year prior. We continue to evaluate the potential uses of our cash including internal investments as well as mergers and acquisitions. However, at this time we believe repurchasing our shares is the best alternative given our bright future and our recent trading price. As a result, our Board of Directors has authorized us to purchase up to one million shares. Purchases may be made in open-market transactions, block transactions on or off an exchange, or in privately negotiated transactions.”

For earnings history and earnings-related data on Universal Electronics, Inc. (UEIC) click here.