The following is a summary of the Universal Electronics Inc. (UEIC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Universal Electronics reported Q1 2024 net sales of $91.9 million, a decline from $108.4 million in Q1 2023, primarily due to reductions in the video service channel.

• Gross profit improved from 25.4% in Q1 2023 to 29.6% of sales in Q1 2024, driven by successful initiatives to reduce manufacturing costs.

• The company's operating loss for Q1 2024 was $2.2 million, showing improvement from $3.6 million in Q1 2023.

• Q1 2024 yielded a net loss of $0.19 per share or $2.5 million, which is an improvement from the net loss of $3.5 million or $0.28 per share in Q1 2023.

• Universal Electronics maintained cash and cash equivalents totaling $26.9 million as at March 31, 2024.

Business Progress:

• UEI is shifting focus to areas like climate control and home automation, hoping for these initiatives to yield bottom-line growth.

• The company showcased its UEI TIDE family offerings at the Consumer Electronics Show to strong interest, leading to secured design wins from top European HVAC OEMs.

• The first standard TIDE Dial and TIDE Touch thermostat orders have been received with product deliveries expected to commence in late 2024.

• Hisense has become a new licensee of UEI's Qterics digital rights management provisioning services, enhancing the company's strides in ensuring secure delivery of digital rights management keys on smart TV platforms.

More details: Universal Electronics IR

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