Universal Electronics (UEIC) Reports In-Line Q4 EPS, Beats on Revenues; Offers 1Q18 EPS Mid-Point Guidance Above Consensus

Universal Electronics (NASDAQ: UEIC) reported Q4 EPS of $0.60, in-line with the analyst estimate of $0.60. Revenue for the quarter came in at $180.7 million versus the consensus estimate of $175.36 million.

Financial Results for the Three Months Ended December 31: 2017 Compared to 2016

• GAAP net sales were $181.2 million, compared to $160.5 million; Adjusted Non-GAAP net sales were $180.7 million, compared to $160.1 million.
• GAAP gross margins were 20.9%, compared to 25.7%; Adjusted Non-GAAP gross margins were 23.6%, compared to 26.9%.
• GAAP operating loss was $0.5 million, compared to income of $6.3 million; Adjusted Non-GAAP operating income was $10.4 million, compared to $13.9 million.
• GAAP net loss was $16.9 million, or $1.19 per diluted share, compared to GAAP net income of $3.2 million or $0.22 per diluted share; Adjusted Non-GAAP net income was $8.7 million, or $0.60 per diluted share, compared to $11.0 million, or $0.74 per diluted share.
• At December 31, 2017, cash and cash equivalents were $62.4 million.

Financial Outlook

For the first quarter of 2018, the company expects GAAP net sales to range between $169 million and $177 million, compared to $161.4 million in the first quarter of 2017. GAAP earnings per diluted share for the first quarter of 2018 is expected to range from $0.13 to $0.23, compared to GAAP earnings per diluted share of $0.01 in the first quarter of 2017.

For the first quarter of 2018, the company expects Adjusted Non-GAAP net sales to range between $169 million and $177 million, compared to $162.3 million in the first quarter of 2017. Adjusted Non-GAAP earnings per diluted share are expected to range from $0.60 to $0.70, compared to Adjusted Non-GAAP earnings per diluted share of $0.62 in the first quarter of 2017. The first quarter Adjusted Non-GAAP earnings per diluted share estimate excludes $0.47 per share related to stock-based compensation, amortization of acquired intangibles, changes in contingent consideration relating to acquisitions, effects of foreign currency fluctuations and the related tax impact of these adjustments.

GUIDANCE:

Universal Electronics sees Q1 2018 EPS of $0.60-$0.70, versus the consensus of $0.66.

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

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