https://assets.capyfin.com/instruments/678fdc13234e27009c5d62f8.png avatar
VOXX
🇺🇸 NASDAQ:VOXX
View Company
OverviewEarningsDividends
•
May 31, 2023

VOXX Q1 2024 Earnings Report

VOXX International Corporation's first quarter of fiscal year 2024 resulted in a net sales decrease due to a challenging global economy impacting consumer spending.

Key Takeaways

VOXX International Corporation reported a decrease in net sales for the first quarter of fiscal year 2024, primarily due to a weak global economy affecting consumer spending and customer production inconsistencies. The company is realigning operations and reducing workforce to improve profitability amidst anticipated continued global softness.

Net sales decreased by 13.1% to $111.9 million compared to the same quarter last year.

The Automotive Electronics segment experienced a slight sales decrease of 3.0%, while the Consumer Electronics segment saw a more significant decrease of 17.5%.

The company reported an operating loss of $11.4 million, compared to an operating loss of $6.7 million in the prior year.

Net loss attributable to VOXX International Corporation was $10.7 million, or $0.45 per share, compared to a net loss of $6.5 million, or $0.27 per share, in the previous year.

Total Revenue
$112M
Previous year: $129M
-13.1%
EPS
-$0.45
Previous year: -$0.27
+66.7%
Gross Profit
$27.6M
Previous year: $33.2M
-17.0%
Cash and Equivalents
$5.2M
Previous year: $5.73M
-9.3%
Free Cash Flow
$4.28M
Previous year: -$23.7M
-118.1%
Total Assets
$509M
Previous year: $541M
-5.9%

VOXX

VOXX

VOXX Revenue by Segment

Forward Guidance

VOXX anticipates continued global softness and is realigning operations, reducing workforce and overhead to be profitable on lower sales volumes. New products and expanded distribution within the Consumer segment, and new vehicle models coming online in the Automotive segment should help offset some of the weakness, but the company is expecting a weak global economy throughout 2023. The main focus is on returning VOXX to profitability.

Positive Outlook

  • New products and expanded distribution within the Consumer segment are expected.
  • New vehicle models are coming online in the Automotive segment.
  • These factors should help offset some of the weakness in the global economy.
  • The company is focused on returning to profitability.
  • Operational improvements, restructuring and other cost reduction methods are being implemented

Challenges Ahead

  • Continued global softness is anticipated.
  • The company is expecting a weak global economy throughout 2023.
  • Consumer spending is being impacted by the global economy.
  • The worldwide retail environment is tough.
  • The Automotive business continues to be impacted by inconsistent customer production.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View VOXX