VOXX - Why VOXX International Shares Are Soaring Today
Shares of VOXX International (NASDAQ: VOXX) rose 58% in Tuesday's premarket trading, lifted by a strong third-quarter earnings report.
The maker of consumer electronics and automotive entertainment systems saw third-quarter sales rise 83% year over year to $201 million. Earnings jumped from $0.10 to $0.74 per share. Your average Wall Street analyst would have settled for earnings near $0.02 per share on revenue in the vicinity of $113 million.
Consumer electronics sales rose 74% to $80 million, driven by high consumer interest in premium audio products. A new distribution deal with Onkyo and Pioneer also contributed to this segment's rapid rise.
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Why VOXX International Shares Are Soaring Today