Universal Electronics Up 13% On Earnings And Acquisition News (UEIC)

Universal Electronics Inc. UEIC released financial results on Thursday after the market closed that were in line with Wall Street earnings estimates. The company also announced the acquisition of leading China based remote control company Enson Assets Limited from CG International Holdings Limited for a net purchase value of approximately $110 million. Universal Electronics Inc reported 3rd quarter net income of 34 cents per share, on revenue of $79 million. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 34 cents per share, on revenue of $81.64 million. Chairman and CEO Paul Arling said, “We are pleased to report our third quarter results were generally in line with our expectations. Our business faced some headwinds in the developed markets, most specifically in North American consumer electronics, but fared particularly well in developing economies. Looking forward, we couldn't be more excited about the future of our company, due in large part to the acquisition of Enson Assets Limited, including its subsidiaries C.G. Development Limited and C.G. Technology Limited, which we also announced this afternoon.” The company forecast 4th quarter earnings to be in the range of 43 cents to 49 cents per share. Universal Electronics Inc. (UEIC) finished the trading day at $21.24 per share, then soared 13% to $24.00 during after hours trading. The consensus price target of analysts covering the company's stock is $22.90 per share. Read more from Benzinga's Company news.