Universal Electronics announced FY17 Q1 result with GAAP revenue of $161.4 million and GAAP net income of $0.1 million. The revenue increased by 7% on yearly basis while net income dropped significantly from $2.7 million in FY16 Q1 on account of high transition/restructuring expenses in this quarter.
The company believes that it is off to a good start in 2017 on account of continued rollout of advanced remote control technologies and the proliferation of connected devices that strengthen its subscription broadcasting, consumer electronics OEM and wireless home security businesses. Based on the high forecast growth in its target markets, the company expects an average annual sales growth of 5%-10% and average earnings per share growth of 10%-20%
