Universal Electronics (UEIC) Announces Quarterly Earnings Results, Beats Expectations By $0.05 EPS
Universal Electronics (NASDAQ:UEIC) announced its earnings results on Thursday. The company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.05, StockRatingsNetwork.com reports. The company had revenue of $146.32 million for the quarter, compared to the consensus estimate of $145.26 million. During the same quarter in the previous year, the company posted $0.47 earnings per share. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. Universal Electronics updated its Q3 guidance to $0.70-0.80 EPS.
Shares of Universal Electronics (NASDAQ:UEIC) traded down 0.94% during mid-day trading on Thursday, hitting $47.45. 217,308 shares of the company’s stock traded hands. Universal Electronics has a 52-week low of $29.27 and a 52-week high of $51.49. The stock has a 50-day moving average of $48.74 and a 200-day moving average of $41.94. The company has a market cap of $755.1 million and a P/E ratio of 31.29.
A number of research firms have recently commented on UEIC. Analysts at Avondale Partners upgraded shares of Universal Electronics from a “market perform” rating to an “outperform” rating in a research note on Tuesday, July 15th. On the ratings front, analysts at B. Riley downgraded shares of Universal Electronics from a “buy” rating to a “neutral” rating in a research note on Monday, June 2nd. They now have a $45.75 price target on the stock, down previously from $47.00. Finally, analysts at Sidoti initiated coverage on shares of Universal Electronics in a research note on Thursday, May 29th. They set a “buy” rating on the stock. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $40.44.
Universal Electronics Inc develops and manufactures a line of pre-programmed universal wireless remote control products, audio-video accessories, and software that are marketed for home entertainment systems.
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