VOXX - VOXX International stock slides after surprise quarterly loss

VOXX International Corp. ( NASDAQ: VOXX ) stock fell more than 25% on Tuesday after an ugly earnings release on Monday evening.

The Florida-based consumer electronics company reported a GAAP EPS loss of $0.27 for the first quarter alongside a 6.1% decline in revenue from the prior year to $128.73M. Analysts had anticipated $0.10 in earnings per share and $134M in revenue. Additionally, gross margins shrunk by 100 basis points from the prior year due to inflation and supply chain pressures.

"During the Fiscal 2023 first quarter, we continued to experience supply chain issues though the biggest impact was the lack of chips which directly impacted our automotive OEM and aftermarket business,” CEO Pat Levelle explained. “Retailer buying also slowed in March given high inventory positions which impacted sales in our Consumer Electronics segment.”

While he attempted to encourage optimism on improving industry dynamics, the supply chain problems that confronted the company in the first quarter are projected to persist for the near term. Still, Levelle suggested that chip orders should normalize in the latter part of the year.

Shares fell over 25% at the intraday low, erasing a majority of gains for the stock since mid-May.

Read more on the details of the quarter .

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