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Universal Electronics Inc. (NASDAQ:UEIC), currently trading at $6.28 and showing significant volatility with a 13% decline over the past week, announced Monday that its board of directors has appointed Richard K. Carnifax, currently the company’s Chief Operating Officer, as interim Chief Executive Officer and principal executive officer, effective immediately. According to InvestingPro analysis, the company appears undervalued based on its Fair Value metrics, with 12 additional ProTips available for subscribers.
Carnifax, age 38, has served as Chief Operating Officer since May 2025. He joined Universal Electronics in May 2020 as Vice President, Global Supply Chain, was promoted to Vice President, Operations in July 2022, and became Senior Vice President, Global Operations in February 2023. Before joining Universal Electronics, Carnifax held leadership roles at Cast Nylons and Air Enterprises, and has experience in operations and supply chain management. He holds a Bachelor of Arts in Political Science and a Master of Arts in International Relations/Business from the University of Akron. He takes the helm of the company, which currently has a market capitalization of $82.7 million and maintains a healthy current ratio of 1.55.
According to the company’s statement, there are no arrangements or understandings between Carnifax and any other person regarding his selection as an officer. The company also reported that there are no family relationships between Carnifax and any of the company’s directors or executive officers, and he has no direct or indirect material interest in any transaction requiring disclosure. Carnifax will not receive additional compensation for assuming the interim CEO role, and no changes will be made to his employment agreement in connection with this appointment.
Also on Monday, directors John Mutch and Michael D. Burger were appointed as members of the board’s Audit Committee, replacing William C. Mulligan and Romulo C. Pontual. Edward K. Zinser will continue as chair of the Audit Committee.
This information is based on a press release statement included in the company’s filing with the Securities and Exchange Commission. Universal Electronics Inc. is listed on the Nasdaq Global Select Market under the ticker UEIC. The company is scheduled to report its next earnings on July 31, 2025. For comprehensive analysis and detailed insights, including valuation metrics and growth prospects, investors can access the full company research report on InvestingPro, which is part of the platform’s coverage of over 1,400 US stocks.
In other recent news, Universal Electronics reported its financial results for the first quarter of 2025, revealing a net loss per share of $0.12, which was below the expected earnings per share of $0.07. The company’s revenue also missed projections, coming in at $92.3 million, compared to the forecasted $98.23 million. Despite these shortfalls, the Connected Home segment showed significant growth, increasing by 31% to reach $31.7 million. The company managed to reduce its operating expenses to $27.6 million and significantly cut its net debt to $3.6 million from $10.2 million at the end of the previous year. Looking ahead to the second quarter of 2025, Universal Electronics has provided guidance for sales to range between $91 million and $101 million, with anticipated earnings per share between $0.05 and $0.15. Analysts from Rosenblatt Securities have noted the company’s efforts in expanding its product lines and capturing new accounts, particularly in the Connected Home market. The company also highlighted ongoing challenges, such as macroeconomic uncertainties and regulatory changes, which could impact its operations.
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