- Universal Security Instruments, Inc. UUU reported first-quarter sales growth of 58.7% year-over-year to $4.67 million, reflecting increased sales to large national retailers.
- EPS was $0.01 versus $(0.03) a year ago.
- The gross margin contracted by 967 bps to 26.9%, negatively impacted by higher supply chain costs.
- The company said it returned to profitability in Q1 despite the supply chain and transportation cost issues which are continuing.
- Universal Security cash used in operating activities year-to-date of $0.196 million, compared to cash generated of $0.747 million a year ago.
- Price Action: UUU shares are trading higher by 5.84% at $5.80 on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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