Cuộc họp công bố kết quả kinh doanh quý 3/2026 của Universal Electronics (UEIC): EPS điều chỉnh tăng hơn gấp đôi

Universal Electronics (UEIC) công bố doanh thu quý 3 năm tài chính 2026 gần như đi ngang so với cùng kỳ năm trước, trong khi nỗ lực cắt giảm chi phí giúp nâng cao lợi nhuận hoạt động điều chỉnh và lợi nhuận trên mỗi cổ phiếu. Tăng trưởng từ mảng Connected Home đã bù đắp một phần sự suy yếu tiếp diễn ở mảng Home Entertainment.

Điểm nhấn chính

• Doanh thu thuần đạt 89,4 triệu USD, giảm khoảng 1,3% so với cùng kỳ năm trước nhưng tăng 22% so với quý trước từ mức 73,2 triệu USD.
• Doanh thu mảng Connected Home tăng 13,4% lên 33,8 triệu USD, nhờ nhu cầu hệ thống HVAC và các sản phẩm điều nhiệt mới ra mắt gần đây. Doanh thu mảng HVAC tăng 19% so với cùng kỳ năm trước.
• Doanh thu mảng Home Entertainment giảm xuống 55,6 triệu USD từ mức 60,8 triệu USD, chủ yếu do nhu cầu truyền hình thuê bao sụt giảm.
• Lợi nhuận hoạt động điều chỉnh tăng hơn gấp đôi lên 3,7 triệu USD, trong khi EPS pha loãng điều chỉnh tăng lên 0,17 USD từ mức 0,08 USD.
• Biên lợi nhuận gộp điều chỉnh giảm xuống 26,3% từ mức 29,1% do chi phí linh kiện tăng cao và biến động tỷ giá bất lợi lấn át hiệu quả sản xuất, thuế quan thấp hơn cùng cơ cấu sản phẩm bán ra thuận lợi hơn.
• Ban lãnh đạo tái khẳng định dự báo EPS pha loãng điều chỉnh cho năm tài chính 2026 ở mức 0,45 đến 0,65 USD. UEIC đã đạt 0,42 USD trong 9 tháng đầu năm.

Kết quả tài chính cốt lõi

Hiệu quả kinh doanh và hoạt động

Connected Home là động lực tăng trưởng chính của UEIC. Công ty đã bắt đầu bàn giao chương trình Bộ điều nhiệt thông minh (Smart Thermostat) cho một nhà sản xuất thiết bị gốc (OEM) HVAC lớn, trong đó ban lãnh đạo cho biết nhu cầu vượt trên yêu cầu ban đầu của khách hàng. UEIC cũng giành được hợp đồng cung cấp bộ điều khiển từ xa không dây chính của Daikin cho thị trường châu Á và gia tăng thị phần trong nền tảng Wi-Fi thế hệ thứ tư của hãng này tại châu Âu.

Bộ điều nhiệt và thiết bị trung tâm TideTouch đã được ra mắt cùng công ty tiện ích năng lượng Eneco của Hà Lan và đơn vị quản lý bất động sản nhiều hộ gia đình Stella của Mỹ. Ban lãnh đạo cho biết các chương trình này bổ sung cấu phần doanh thu định kỳ vào doanh số bán phần cứng.

Ở mảng Home Entertainment, UEIC được chọn làm nhà cung cấp độc quyền cho hai chương trình điều khiển từ xa của các nhà mạng dự kiến đi vào sản xuất trong quý. Sản phẩm điều khiển từ xa không dùng pin của công ty đã bước vào giai đoạn sản xuất quy mô lớn với khách hàng đầu tiên và được khách hàng thứ hai lựa chọn. Công ty cũng nhận được đơn đặt hàng 2 triệu bộ điều khiển từ xa hỗ trợ giải pháp tinh gọn không cần set-top box được sản xuất tại Ấn Độ.

Cắt giảm chi phí tiếp tục là trọng tâm thúc đẩy tăng trưởng lợi nhuận. Chi phí hoạt động điều chỉnh đã giảm 20% so với cùng kỳ năm trước trong quý 3 và giảm 21%, tương đương 16,4 triệu USD, trong 9 tháng đầu năm. Ban lãnh đạo kỳ vọng các biện pháp triển khai trong tháng 8 và tháng 10 sẽ mang lại khoản tiết kiệm bổ sung hàng năm khoảng 2,5 triệu USD.

Hàng tồn kho giảm xuống còn 70,1 triệu USD từ mức 77,8 triệu USD vào đầu năm 2026. Số ngày tồn kho bình quân được cải thiện xuống còn khoảng 95 ngày từ mức 128 ngày của một năm trước đó. Dòng tiền từ hoạt động kinh doanh 9 tháng đạt 16,6 triệu USD, trong khi chi phí vốn đạt tổng cộng 2,7 triệu USD.

Định hướng của ban lãnh đạo

Ban lãnh đạo tái khẳng định dự báo EPS pha loãng điều chỉnh cho năm tài chính 2026 ở mức 0,45 đến 0,65 USD, so với mức 0,31 USD trong năm tài chính 2025. UEIC đã đạt 0,42 USD trong 9 tháng đầu năm 2026.

Công ty đã áp dụng các khoản phụ phí và việc tăng giá lâu dài mà ban lãnh đạo ước tính sẽ bù đắp được khoảng ba phần tư mức lạm phát đã xác định trên cơ sở hàng năm. Phần lớn lợi ích này dự kiến sẽ bắt đầu phát huy tác dụng vào quý 1/2027 khi thời hạn thông báo cho khách hàng kết thúc và các đơn đặt hàng mới được thiết lập.

Ban lãnh đạo dự kiến hàng tồn kho sẽ tăng nhẹ trong quý 4 khi UEIC chuẩn bị trước các vật tư quan trọng cho các chương trình năm 2027 trong bối cảnh thời gian giao hàng bo mạch in và tụ điện kéo dài hơn.

Rủi ro và các điểm cần theo dõi

• Lạm phát giá linh kiện và hàng hóa cơ bản tiếp tục gây áp lực đáng kể lên biên lợi nhuận gộp, trong khi các biện pháp bù đắp chi phí bằng tăng giá cần thời gian để phản ánh vào các đơn đặt hàng của khách hàng.
• Đồng nhân dân tệ tăng giá đã làm gia tăng chi phí và góp phần tạo thêm áp lực lên biên lợi nhuận.
• Chi phí bộ nhớ và linh kiện gia tăng đang đè nặng lên thị trường Home Entertainment.
• Nhu cầu truyền hình thuê bao tiếp tục suy giảm mang tính cơ cấu do sự cạnh tranh từ các dịch vụ phát trực tuyến.
• Thời gian giao hàng bo mạch in và tụ điện đã kéo dài từ vài tuần lên vài tháng khi cơ sở hạ tầng AI hấp thụ công suất của các nhà cung cấp, khiến việc dự báo chính xác và mua hàng trước ngày càng trở nên quan trọng.

Toàn văn cuộc họp công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

[Operator Instructions] Please be advised that today's conference call is being recorded. I would now like to hand the conference call over to your first speaker today, Ryan Hochgesang with Universal Electronics. Please go ahead.

Ryan Hochgesang

Thank you, operator, and thank you all for joining us for the Universal Electronics Third Quarter of 2026 Financial Results Conference Call. By now, you should have received a copy of the press release. If you have not, please visit the Investor Relations section of the website. This call is being broadcast live over the internet. A webcast replay of this call, including any additional updated material, non-public information that might be discussed during this call, will be available on the company's website at www.uei.com for 90 days.

During this call, management may make forward-looking statements regarding future events and the future financial performance of the company and cautions you that these statements are just projections and actual results or events may differ materially from these projections. These statements include the company's goals, focus, strategies, and opportunities, market trends, including in the connected home and the home entertainment markets, expectations with respect to customer orders and customer demand, including short-term and long-term demand, R&D and product development activities, restructuring plans and actions, including expected benefits and timing, and financial projections and forecasts, including revenue, gross profit, operating profit, and net income, adjusted free cash flow, cash, cost reductions, and working capital, our ability to respond to business and regulatory changes, such as tariffs, and macroeconomic conditions and expectations with respect to our ongoing litigation. The company undertakes no obligation to revise or update these statements to reflect events or circumstances that may arise after today's date and refers you to the press release mentioned at the beginning of this call and the documents the company has filed with the SEC, including its 2025 annual report on Form 10-K and the periodic and current reports filed or furnished since then.

In management's financial remarks, adjusted non-GAAP metrics will be referenced. Management provides adjusted non-GAAP metrics because it uses them for budget planning purposes and for making operational and financial decisions and believes that providing these non-GAAP financial measures to investors as a supplement to GAAP financial measures helps investors evaluate UEI's core operating and financial performance and business trends consistent with how management evaluates such performance and trends. In addition, management believes these measures facilitate comparisons with the core operating and financial results and business trends of competitors and other companies. A full description and reconciliation of these adjusted non-GAAP measures versus GAAP are included in the company's press release issued today. Joining me today are Chief Executive Officer and President Wade Jenke and Chief Financial Officer Raymond Ho. Wade will provide an overview of our business and Raymond will deliver our financial results. It's my pleasure to introduce Wade Jenke. Please go ahead.

Wade Jenke

Thank you, Ryan, and thank you all for joining us. This is my first quarterly call since the board appointed me as CEO and President in August. I'm pleased to see the organization embrace the change and jump right into business with energy and passion to make UEI even better than before. Let's talk about top line. Net sales were $89.4 million compared to $90.6 million a year ago. Compared to the previous quarter, sales were up 22%. Connected Home grew nearly 14% to $33.8 million, led by climate control, where HVAC revenue grew 19% year-over-year. Home Entertainment was $55.6 million compared to $60.8 million, reflecting difficult market conditions around memory and component cost inflation, and subscription broadcast demand is still in structural decline due to streaming competition.

Let me provide an update on product sales and market. For Home Entertainment, we were selected as the sole source on two operator remote programs scheduled to enter production this quarter. The battery-free remote entered mass production with its first customer, and a second customer has since selected it. We also received an order for 2 million remotes supporting a streamlined version of our set-top boxless solution to be manufactured in India, an offering that matters more as rising memory costs make set-top box itself harder to sell. For Connected Home, our Smart Thermostat program began shipping to a major HVAC OEM and is now ramping, with demand running above the customer's initial requirements. With Daikin, we won the primary wireless remote program for the Asian market, and a larger share for the fourth-generation Wi-Fi platform for Europe. Our TideTouch thermostat and hub launched with the leading Dutch energy utility partner Eneco and with Stella, a U.S. multi-dwelling property management provider, adding a recurring revenue element to the hardware as we sell.

On profitability, margin remains under pressure. Adjusted non-GAAP gross margin was 26.3% compared to 29.1% a year ago. Higher purchasing costs and unfavorable currency exchange more than offset lower tariff rates and better sales mix. Input costs remain a material drag, and very little of what that is is specific to UEI. Component and commodity pressure has been broad across our industry, and it reaches us on a lag because we built a forecast against orders already placed. In response, we have put in place surcharges and permanent price adjustments that on an annualized basis recover roughly three-quarters of the inflation we have identified. That benefit builds as notice periods run and customers place POs, so it will come through slowly, but the majority will be starting in Q1 of 2027. The balance of our inflationary costs, we will continue to work through sourcing and design to recover the cost and offset.

Let me provide a progress report on our reorganization to reduce structural costs. Adjusted non-GAAP operating expenses were $19.9 million in Q3, down $4.9 million, or 20%, from a year ago. Through nine months, adjusted non-GAAP operating expenses were down $16.4 million, or 21%. In August and October, we took further permanent cost reduction actions, which represent approximately $2.5 million in additional annualized cost savings. The clearest way to see the progress we have been working on is through the earnings trajectory across the year. In Q1, we reported an adjusted non-GAAP loss of approximately $0.10 per share, while in Q3, we earned $0.17 per share on an adjusted non-GAAP basis, more than double the $0.08 we earned a year ago on slightly lower revenue. Adjusted non-GAAP operating income improved to $3.7 million in Q3, compared to $1.6 million in Q3 of 2025.

Our focus on working capital optimization is working well. We ended the quarter with $41.4 million in cash and equivalents, up $9.1 million this year. On inventory, we improved and ended the quarter at $70.1 million, down from $77.8 million at the start of the year. Inventory days are down roughly to 95 days from 128 days a year ago. Operating cash flow was $11.1 million in Q3 and $16.6 million through the nine months. Lead times on printed circuit boards and capacitors have extended from weeks to months as AI infrastructure absorbs supplier capacity. In this environment, forecast accuracy is important to avoid buying reactively at a premium, and we are committing crucial material ahead of time for 2027 where demand carries across programs. As a result, we expect inventory to build modestly in Q4.

Looking forward, our message is unchanged. We continue to expect adjusted non-GAAP diluted earnings per share in the range of $0.45 to $0.65 for fiscal 2026, compared to $0.31 in fiscal 2025, consistent with our prior guidance. Through nine months, we have delivered $0.42. When we look at our outlook for the year, we said it would be grounded in execution rather than in a demand rebound. Q3 is further evidence of our progress. Earnings more than doubled year-over-year on slightly lower revenue. The cost base is still coming down and net cash is nearly twice what it was three months ago. The credit belongs to the team that absorbed a great deal of change and kept doing what customers count on us for: delivering the programs in production today and designing the ones that follow.

With that, I'll turn the call over to our CFO, Raymond Ho, to walk through the quarter in more detail and review our outlook.

Unknown Speaker

Thanks, Wade, and good afternoon, everyone. I will walk through our third quarter 2026 financial performance with a focus on profitability, cost discipline, cash flow, and balance sheet strength, and then touch briefly on our outlook for the remainder of the year. Turning to our third quarter results, net sales were $89.4 million, compared to $90.6 million in the third quarter of 2025, a decline of approximately 1.3%. Revenue was essentially flat year-over-year, as growth in Connected Home largely offset continued pressure in Home Entertainment, and it represents a meaningful sequential improvement from the $73.2 million we reported in the second quarter. Connected Home net sales were $33.8 million compared to $29.8 million in the prior-year quarter, an increase of approximately 13.4%. The increase was driven primarily by stronger sales in the HVAC market and increased sales of our recently launched thermostat products. Home Entertainment net sales were $55.6 million compared to $60.8 million a year ago, primarily reflecting lower demand for subscription broadcasting products. This decline was partially offset by improved performance in our retail business.

GAAP gross margin was 26.3% compared to 27.7% in the prior-year quarter. Adjusted non-GAAP gross margin was also 26.3% compared to 29.1% in the prior-year quarter. The third quarter of 2025 excluded a $1.2 million impairment charge related to the shutdown of our Mexico manufacturing facility. The year-over-year change in gross margin was primarily driven by higher component costs due to market conditions and the strengthening of the Chinese renminbi, which reduced gross margin and had an adverse impact of nearly 6%. These headwinds were partially offset by lower labor and manufacturing costs resulting from productivity improvement, the closure of our Mexico manufacturing facility, and lower tariff rates.

Throughout the quarter, we remained highly focused on cost discipline and structural expense reduction. GAAP operating expenses decreased by $8.9 million year-over-year to $20.7 million, and adjusted non-GAAP operating expenses declined by $4.9 million or approximately 20% to $19.9 million. As a percentage of net sales, adjusted non-GAAP operating expenses improved to 22.2% from 27.3% in the prior-year quarter, reflecting continued progress in aligning our cost structure with current revenue levels. R&D expenses declined to $4.3 million from $6.7 million in the prior-year quarter. SG&A expenses declined to $16.4 million from $22.1 million in the prior-year quarter. The prior-year quarter included a one-time charge of $1.3 million related to the abandonment of an office lease. Excluding that item, the decrease reflected our ongoing cost reduction initiatives, including organizational right-sizing and our continued control of discretionary spending, including travel and professional fees. Through the first nine months of the year, we continue to benefit from the global reduction in force and related cost actions we initiated earlier in the year, which have given us a leaner, more agile cost structure focused on cash generation and profit improvement.

GAAP operating income for the quarter was $2.9 million compared to a GAAP operating loss of $4.5 million in the prior-year quarter. Adjusted non-GAAP operating income more than doubled to $3.7 million compared to $1.6 million in the prior-year quarter. Adjusted non-GAAP operating income as a percentage of net sales expanded 2.4% to 4.1% compared to 1.7% last year. GAAP net loss was $0.3 million, or $0.03 per diluted share, compared to a GAAP net loss of $8.3 million, or $0.62 per diluted share, in the third quarter of 2025. We generated adjusted non-GAAP net income of $2.3 million, or $0.17 per diluted share, compared to adjusted non-GAAP net income of $1.1 million, or $0.08 per diluted share, in the prior-year quarter.

Now turning to cash flow and the balance sheet, cash and cash equivalents at the end of the quarter were $41.4 million compared to $32.3 million at December 31, 2025, an increase of $9.1 million so far this year. Operating cash flow for the quarter was $11.1 million, and for the first nine months of 2026 was $16.6 million. Cash flow benefited from working capital actions, including reduction in inventories and timing of payables and accruals. Capital expenditures for the first nine months were $2.7 million. We also continue to reduce debt and strengthen liquidity. Borrowings under our lines of credit were $19.4 million at September 30, 2026, down from $24.1 million at December 31, 2025. Available borrowing resources in the U.S. were $46 million compared to $42.5 million at December 31, 2025. At quarter-end, there were no borrowings outstanding under the U.S. credit line.

Now turning to our outlook for fiscal year 2026, we remain focused on the areas within our control: cost discipline, profitability, working capital management, and cash flow. We expect our actions to further align our cost structure to market realities, improve profitability versus last year, and strengthen our financial flexibility. For the full year 2026, we are reaffirming our prior guidance. We continue to expect adjusted non-GAAP diluted EPS to range from $0.45 to $0.65, compared to $0.31 per share in fiscal 2025. With $0.42 of adjusted non-GAAP diluted EPS delivered through the first nine months, our guidance remains unchanged as we continue to execute against our 2026 business plan.

Thank you all, and I will hand it back to Wade.

Wade Jenke

Thanks, Raymond. As I complete my first quarter as CEO, many thanks to our employees who have carried a great deal of change this year and to our customers, suppliers, and the board for their continued support. The plan we are executing is directed at what matters to shareholders: improving profitability, cash, and rebuilding financial flexibility. With that, operator, please open the call for questions.

Operator

At this time, I am not showing any questions within the queue. I would like to turn the call back over to management for any final thoughts.

Ryan Hochgesang

Perfect. Thank you so much for joining us on our Q3 earnings call. Have a fantastic day, and we look forward to the next call.

Operator

Thank you for your participation in today's conference call. This concludes today's conference. You may now disconnect. Have a great evening.

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