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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.
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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