Universal Electronics Inc. (UEI) announced FY16 Q3 net sales of $169.2 mn with net income of $7.8 mn, resulting in a net margin of 4.6%. Both the net sales and net income were marginally up from last year’s Q3 figures at $160 mn and $6.3 mn respectively (with net margin of 3.9%). The increase in net income was more significant at 24%, as compared to increase in net sales at 5%.
The net sales for first 9 months of FY16 amounted to $490 mn, compared to $440 mn for FY15 (9 months). The net income for same period FY16 was $17.1 mn, as compared to $19.8 mn for FY15.
The management has attributed the buoyant financial performance to it’s advanced control technologies being increasingly adopted by subscription broadcasting and OEM customers that are introducing next-generation home entertainment platforms. These longer term positive trends in the industry are also reflected in UEI’s long term financial forecasts, while the company have slightly downgraded its FY16 Q4 financial outlook due to delays in a some new product launches. Keeping in line with its commitment to margin improvement, the company is also shifting its manufacturing base to new advanced facilities in China.
