Universal Electronics Inc., the Cypress-based maker of universal remote controls for home entertainment, saw shares soar nearly 13% Friday, a day after posting strong results that beat Wall Street expectations.
Universal reported December quarter profit of $5.4 million, versus $3.5 million a year ago. The analyst consensus was about $4.7 million. Sales for the December quarter rose 41% to $69.7 million, well ahead of expectations.
The company also forecast full-year revenue to grow 10% to 15% to about $260 million, which promoted at least one analyst to upgrade Universal to “buy.”
