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Universal Electronics Inc. (UEIC-2.50%) has filed its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported net sales of $394.9 million for 2024, a decrease from $420.5 million in 2023. The decline was attributed to lower customer demand in both home entertainment and climate control channels.
Gross profit for 2024 was $114.0 million, with a gross profit margin of 28.9%, up from 23.2% in 2023. The improvement was due to the execution of a factory footprint optimization plan.
Research and development expenses decreased to $29.7 million in 2024 from $31.3 million in 2023, primarily due to reduced third-party development costs and headcount.
Selling, general, and administrative expenses were $91.8 million in 2024, down from $98.5 million in 2023, mainly due to lower compensation expenses and legal costs.
The company recorded a legal judgment expense of $4.2 million in 2024 related to an adverse ruling against a subsidiary in the PRC, which is under appeal.
Interest expense decreased to $3.4 million in 2024 from $4.3 million in 2023 due to a lower average loan balance.
Net loss for 2024 was $24.0 million, compared to a net loss of $98.2 million in 2023, which included a $49.1 million goodwill impairment charge.
Cash provided by operating activities was $14.8 million for 2024, compared to cash used of $10.4 million in 2023.
The company ended the year with $26.8 million in cash and cash equivalents, down from $42.8 million at the end of 2023.
Universal Electronics Inc. continues to focus on optimizing its manufacturing footprint and expanding its presence in the climate control market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Universal Electronics Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.