Fri, Aug 23, 11:02 AM (144 days ago)
Ubiquiti Inc. reported fiscal year 2024 revenues of $1,928.5 million, a slight decline from $1,940.5 million in fiscal 2023, with net income decreasing to $350.0 million from $407.6 million. The gross profit margin fell to 38.4% due to increased excess inventory charges and operating expenses, which rose to $240.8 million, primarily driven by higher R&D and SG&A costs. Operating income was $499.0 million, down from $544.6 million. Cash flow from operations improved significantly to $541.5 million, aided by reduced inventory levels. The company maintained a strong liquidity position with $126.3 million in cash as of June 30, 2024. Ubiquiti's reliance on contract manufacturers and geopolitical tensions, particularly between China and Taiwan, pose risks to operational stability. The company continues to focus on innovation and product offerings, with R&D expenses increasing by 10.1% to support future growth. Ubiquiti plans to pay quarterly dividends of $0.60 per share, reflecting its commitment to returning capital to shareholders. Future financial performance will be influenced by market demand, supply chain dynamics, and regulatory developments.