Shares of Cypress-based Universal Electronics Inc., a maker of universal remote controls, rose Thursday after the company gave a positive outlook for the rest of the year.
The stock jumped more than 6% in afterhours New York trading on a recent market value of about $274 million.
For the year, sales are expected to come in at $305 million to $322 million, in line with analysts’ expected $314 million.
The company is looking for profits of $22 million to $24 million, in line with analysts’ expectations of $23 million.
Universal’s outlook for the current quarter missed Wall Street’s estimates, but it didn’t seem to ruffle investors.
For the first quarter, the company is looking for revenue of $62 million to $65 million. Analysts are looking for $72 million.
Profits are expected to come in at $2.5 million to $3.1 million, missing analysts’ expectations of roughly $5 million in profits.
The outlooks come on the heels of Universal’s fourth-quarter results, which beat Wall Street’s profit expectations but missed on sales.
For the three months ended Dec. 31, Universal Electronics reported revenue of $66 million, down 6% from a year earlier and short of analysts’ expected $72 million.
The shortfall in sales was due to “the slower market conditions late last year, particularly in the international retail markets,” according to Chief Finance Officer Bryan Hackworth.
Profits totaled $6 million, up slightly from $5.4 million in the year-ago quarter and beating analysts’ expected $5.5 million.
The company, which got its start in 1986, makes remote controls for home entertainment systems, digital antennas and other audio and video accessories.
