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May 31, 2020
VOXX Q1 2021 Earnings Report
Financial results for the first quarter of fiscal year 2021 were announced.
Key Takeaways
VOXX International Corporation reported a decrease in net sales for the first quarter of fiscal year 2021, primarily due to the COVID-19 pandemic's impact on the Automotive Electronics and Consumer Electronics segments. However, June sales increased over 30% year-over-year, and the company anticipates higher sales in July and August.
Net sales decreased by $21.5 million to $72.0 million compared to the same quarter last year.
Automotive Electronics segment net sales decreased by $12.4 million to $17.3 million due to OEM plant closures and retail shutdowns.
Consumer Electronics segment net sales decreased by $9.1 million to $54.5 million due to the COVID-19 pandemic and exit from certain product lines.
The company reported a net loss attributable to VOXX International Corporation of $8.3 million, compared to a net loss of $1.1 million in the prior year.
VOXX
VOXX
VOXX Revenue by Segment
Revenue by Segment
Automotive Electronics Revenue
CapyFin.comConsumer Electronics Revenue
CapyFin.comBiometrics Revenue
CapyFin.com Forward Guidance
While projecting higher sales in July and August, the company remains cautious based on the spikes in COVID cases across the country.
Positive Outlook
- June sales increased over 30% year-over-year
- Gross margins improved in June.
- Expect to add approximately $50 million of annualized sales with the acquisition of Directed’s automotive electronics aftermarket business.
- Klipsch is poised for its best sales year ever and should see significant improvements in profitability.
- Fiscal 2021 should be a better year for VOXX and its shareholders.
Challenges Ahead
- The COVID-19 global pandemic affected the first quarter results.
- OEM customers were forced to shut their plants in March.
- Car dealerships and retail outlets were closed throughout most of the quarter.
- Retail stores were closed, both in the U.S. and Europe.
- The company remains cautious based on the spikes in COVID cases across the country.
Revenue & Expenses
Visualization of income flow from segment revenue to net income