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Universal Electronics profit misses consensus by 63.5% in Q2

Universal Electronics Inc. said its normalized net income for the second quarter was 28 cents per share, compared with the S&P Capital IQ consensus estimate of 78 cents per share.

EPS decreased 36.2% year over year from 44 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $4.2 million, a decrease of 36.4% from $6.5 million in the prior-year period.

The normalized profit margin declined to 2.3% from 3.8% in the year-earlier period.

Total revenue climbed on an annual basis to $177.6 million from $171.0 million, and total operating expenses grew 5.5% year over year to $169.7 million from $160.9 million.

Reported net income fell 29.1% on an annual basis to $4.7 million, or 32 cents per share, from $6.6 million, or 45 cents per share.