Ubiquiti Inc (UI, Financial) released its financial results for the first quarter ended September 30, 2023, on November 3, 2023. The company reported revenues of $463.1 million, a decrease of 7% compared to the same period last year. The decline in revenues was primarily driven by a decrease in revenue from the Enterprise Technology platform.
Financial Performance
The company's GAAP diluted EPS was $1.45, down from $1.54 in the same period last year. The decrease in GAAP net income and non-GAAP net income from the comparable prior year period was primarily driven by lower revenues and higher operating expenses and interest expense and other, net.
Gross Profit and Operating Expenses
Ubiquiti's GAAP gross profit for the first quarter fiscal 2024 was $183.9 million, with a gross margin of 39.7%. This represents a decrease of 1.7% compared to the prior quarter but an increase of 5.3% compared to the same period last year. The increase in gross profit margin YoY was primarily driven by lower shipping and component costs, as well as by product mix.
Operating expenses for the quarter were $55.6 million, with research and development expenses at $36.3 million and sales, general and administrative expenses at $19.3 million.
Dividend Declaration
The company's Board of Directors declared a $0.60 per share cash dividend payable on November 20, 2023, to shareholders of record at the close of business on November 13, 2023.
About Ubiquiti Inc
Ubiquiti Inc. is a global network technology company that provides networking infrastructure in over 200 countries and territories around the world. Its professional networking products are powered by its UISP and UniFi software platforms to provide high-capacity distributed Internet access and unified information technology management, respectively.
Explore the complete 8-K earnings release (here) from Ubiquiti Inc for further details.
