VOXX - VOXX International falls 8% after swinging to a loss in FQ4

2023-05-15 16:16:41 ET

VOXX International Corporation ( NASDAQ: VOXX ) reported revenue fell 16.7% year-over-year to $163.9M in FQ4 .

Sales in the automotive electronics segment were down 2.2% to $49.5M. Comparable OEM product sales were $21.9M, with the increase from a year ago driven primarily by higher sales of OEM remote start and security products as chip scarcity lessened, and due to higher OEM rear-seat entertainment products due to new launches and increased volume with select customers. Aftermarket product sales fell to $27.9M from $35.5M a year ago.

Sales in the consumer electronics segment plunged 23.4% to $86.7M. Comparable premium audio product sales during the quarter, while other consumer electronics were higher. Lower segment sales were primarily attributable to lower domestic sales of premium home theater speakers, wireless speakers and mobility products, as well as lower sales internationally due to the weaker European markets compared to the prior year, partially offset by higher sales of Onkyo and Pioneer related products. The declines in other consumer electronics product categories was noted to be primarily due to a slowing of the global economy as several product categories were down, partially offset by an increase in domestic wireless speakers and reception products, and an increase in sales of Schwaiger products in Germany.

VOXX's gross margin rate came in at 25.4% of sales vs. 26.8% a year ago.

VOXX reported an operating loss of $12.9M vs. a $3.2M profit a year ago.

CEO update: "We're anticipating continued softness in the global economy and at retail, though chip availability has improved which should positively impact our Automotive business. We continued to grow the Onkyo and Pioneer business and have plans to expand our footprint globally this year. Additionally, our Biometrics segment should show considerable improvement with new accounts awarded and several projects underway."

Shares of VOXX fell 8.3% in after-hours trading.

More on Voxx International:

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• Seeking Alpha's Quant Rating for VOXX International

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