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Universal Electronics profit misses consensus by 65.6% in Q1

Universal Electronics Inc. said its first-quarter normalized net income came to 22 cents per share, compared with the S&P Capital IQ consensus estimate of 63 cents per share.

EPS increased year over year from 21 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.2 million, a gain from $3.1 million in the year-earlier period.

The normalized profit margin declined to 2.0% from 2.0% in the year-earlier period.

Total revenue climbed 7.1% year over year to $161.4 million from $150.7 million, and total operating expenses grew 7.1% on an annual basis to $156.5 million from $146.2 million.

Reported net income fell 94.7% on an annual basis to $147,170, or 1 cents per share, from $2.8 million, or 19 cents per share.