Universal Electronics' Shares Slip on Q3 Projections, Though CEO, Analyst Optimistic on MVPD Upgrades
Universal Electronics’ shares closed down 4.8 percent to $62.70 Friday as positive results for Q2 were offset by Q3 guidance below analysts’ expectations. UE had Q2 revenue of $177.9 million vs. $176.5 million in the year-ago quarter, but earnings-per-share guidance…
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was short of consensus. Dougherty & Co.'s Steven Frankel, noting accelerating revenue and growing production volume in a new China factory, said Comcast purchases will become a smaller percentage of overall revenue. He cited a growing need of MVPDs to launch next-generation set-top boxes. CEO Paul Arling said Comcast, Cox and Shaw continued to upgrade customers to the X1 platform and its voice remote and that additional operators worldwide are in design and testing stages of the company’s technology. Chief Financial Officer Bryan Hackworth said Comcast was 24.2 percent of sales in the quarter and DirecTV was 10 percent.