環球電子 (UEIC) 2026年第三季法說會：調整後EPS成長逾一倍

環球電子 (UEIC) 公布 2026 會計年度第三季營收較去年同期近乎持平，成本削減措施則帶動調整後營業利益與每股盈餘成長。智慧家庭業務的成長部分抵消了家庭娛樂業務的持續疲軟。

重點摘要

• 淨銷售額為 8,940 萬美元，較去年同期下滑約 1.3%，但季增 22%（高於上一季的 7,320 萬美元）。
• 智慧家庭營收成長 13.4% 至 3,380 萬美元，主要受惠於暖通空調 (HVAC) 需求及近期推出的溫控器產品。HVAC 營收年增 19%。
• 家庭娛樂業務營收降至 5,560 萬美元，低於去年同期的 6,080 萬美元，主因訂閱廣播需求下滑。
• 調整後營業利益成長逾一倍至 370 萬美元，調整後稀釋每股盈餘則增至 0.17 美元，高於去年同期的 0.08 美元。
• 調整後毛利率降至 26.3%，低於去年同期的 29.1%，主因零組件成本上升與不利的匯率變動，抵消了製造效率提升、關稅降低及更佳的銷售組合。
• 管理階層重申 2026 會計年度調整後稀釋每股盈餘預估為 0.45 至 0.65 美元。UEIC 前九個月累計已達 0.42 美元。

核心財務業績

業務與營運表現

智慧家庭是 UEIC 的主要成長引擎。該公司已開始向一家主要暖通空調 (HVAC) OEM 大廠出貨其智慧溫控器專案產品，管理階層表示市場需求高於客戶的最初要求。UEIC 還贏得了大金 (Daikin) 亞洲市場的主要無線遙控器專案，並在歐洲市場第四代 Wi-Fi 平台中取得更高的份額。

TideTouch 溫控器與集線器已與荷蘭能源公用事業公司 Eneco 以及美國多戶住宅物業管理機構 Stella 合作推出。管理階層表示，這些專案在硬體銷售之外增添了經常性收入來源。

在家庭娛樂方面，UEIC 被選為兩個預計於本季投產的營運商遙控器專案的獨家供應商。其免電池遙控器已在首家客戶進入量產，並獲第二家客戶採用。該公司還接獲了一筆 200 萬支遙控器的訂單，用於支援在印度製造的精簡型無機上盒解決方案。

成本削減仍是獲利改善的核心關鍵。第三季調整後營業費用年減 20%，前九個月累計減少 21%（即 1,640 萬美元）。管理階層預期 8 月和 10 月採取的措施將帶來約 250 萬美元的額外年化節省金額。

庫存降至 7,010 萬美元，低於 2026 年初的 7,780 萬美元。存貨週轉天數從去年同期的 128 天改善至約 95 天。前九個月營業現金流為 1,660 萬美元，資本支出總計為 270 萬美元。

管理階層財測指引

管理階層重申 2026 會計年度調整後稀釋每股盈餘預估為 0.45 至 0.65 美元，相較於 2025 會計年度的 0.31 美元。UEIC 在 2026 年前九個月累計已達 0.42 美元。

該公司已實施附加費和永久性價格調漲，管理階層估計以年化基準計算將可收回約 四分之三已確認的通膨成本。隨著客戶通知期屆滿並下達新採購訂單，大部分效益預計將於 2027 年第一季開始顯現。

管理階層預期第四季庫存將略有增加，主因印刷電路板 (PCB) 和電容器的交期拉長，UEIC 須為 2027 年的專案提前備妥關鍵物料。

風險與關注焦點

• 零組件與大宗商品通膨仍是毛利率的主要拖累因素，且價格補償措施反映至客戶訂單仍需時間。
• 人民幣走強增加了成本，並加劇了利潤率壓力。
• 記憶體與零組件成本上升對家庭娛樂市場造成壓力。
• 受串流媒體競爭影響，訂閱廣播需求仍處於結構性下滑趨勢。
• 由於 AI 基礎設施占用了供應商產能，印刷電路板 (PCB) 與電容器的交期已從數週延長至數月，進一步凸顯了預測準確性與提前採購的重要性。

完整電話會議逐字稿

完整財報電話會議逐字稿

管理層陳述

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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