Universal Electronics Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, net sales reached $110.454 million, marking a 13% increase compared to $97.594 million in Q4 2023. This growth was driven by a 13% revenue increase in the Connected Home channel, highlighting the success of the company's strategic pivot.
Despite the strong top-line performance, the company reported a GAAP net loss of $4.529 million, or $0.35 per share, for Q4 2024. However, adjusted Non-GAAP earnings for the quarter were $0.20 per share. For the full year 2024, net sales were $394.879 million, a 6.1% decrease from $420.457 million in 2023, with a GAAP net loss of $24.029 million, or $1.85 per share.
Looking ahead, Universal Electronics provided guidance for the first quarter of 2025, expecting GAAP net sales to range between $87.0 million and $97.0 million, compared to $91.9 million in Q1 2024. The company forecasts a GAAP loss per share between $0.52 and $0.42, an improvement from a $0.67 loss per share in Q1 2024. Adjusted Non-GAAP loss per share is projected to be between $0.21 and $0.11, compared to a $0.26 loss per share in the prior year.
Management reiterated its projections for both top and bottom-line growth for the full year 2025 and beyond. This outlook is based on the continued translation of Connected Home project wins into shipping revenue and further SKU expansion with existing customers. The completion of manufacturing footprint optimization is also expected to support gross margin expansion towards a 30% annualized target.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.