The following is a summary of the Universal Electronics Inc. (UEIC) Q1 2024 Earnings Call Transcript:
Financial Performance:
Universal Electronics reported Q1 2024 net sales of $91.9 million, a decline from $108.4 million in Q1 2023, primarily due to reductions in the video service channel.
Gross profit improved from 25.4% in Q1 2023 to 29.6% of sales in Q1 2024, driven by successful initiatives to reduce manufacturing costs.
The company's operating loss for Q1 2024 was $2.2 million, showing improvement from $3.6 million in Q1 2023.
Q1 2024 yielded a net loss of $0.19 per share or $2.5 million, which is an improvement from the net loss of $3.5 million or $0.28 per share in Q1 2023.
Universal Electronics maintained cash and cash equivalents totaling $26.9 million as at March 31, 2024.
Business Progress:
UEI is shifting focus to areas like climate control and home automation, hoping for these initiatives to yield bottom-line growth.
The company showcased its UEI TIDE family offerings at the Consumer Electronics Show to strong interest, leading to secured design wins from top European HVAC OEMs.
The first standard TIDE Dial and TIDE Touch thermostat orders have been received with product deliveries expected to commence in late 2024.
Hisense has become a new licensee of UEI's Qterics digital rights management provisioning services, enhancing the company's strides in ensuring secure delivery of digital rights management keys on smart TV platforms.
More details: Universal Electronics IR
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