VOXX - VOXX International soars 35% after posting strong sales growth

VOXX International (VOXX) pops in AH trading after FQ3 results showed all segments reporting higher sales and improved bottom-line performance Consumer electronic segment sales rose 74.0% to $139.0M and automotive electronics segment sales jumped 105.1% to $61.5M. Gross margin rose 30 bps to 28.9% of sales, driving higher by a 560 basis point gross margin improvement in the automotive electronics segment, primarily from the acquisitions of VSM and DEI, higher sales of higher margin aftermarket remote start and security products and an increase in sales of OEM rear-seat entertainment systems. Adjusted EBITDA was $24.5M vs. $5.8M a year ago. VOXX ended the quarter with a cash position of $21.3M. Shares of VOXX are up 34.69% AH to $19.70. The broad auto supplier sector has started off the year strong.

For further details see:

VOXX International soars 35% after posting strong sales growth