Universal Electronics Inc. reported its financial results for the third quarter ended September 30, 2024, with net sales reaching $102.1 million. This represents a 4.7% decrease compared to the same period in the prior year. The decline in revenue indicates ongoing challenges in the company's market segments during the quarter.
The company posted a GAAP net loss of $2.7 million for the quarter, translating to a loss of $0.20 per share. On an adjusted basis, excluding one-time gains and costs, Universal Electronics reported earnings of $0.10 per share. These figures indicate a miss on both revenue and earnings estimates for the period.
The financial performance in Q3 2024 highlights the pressures Universal Electronics is navigating as it executes its strategic pivot. Investors will be evaluating how the company's initiatives in the Connected Home market are progressing to offset declines in its traditional Home Entertainment business. The reported results suggest continued headwinds in the short term.
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