VOXX International Corporation reported a decrease in net sales by 18.1% to $91.7 million, but gross margins improved by 310 basis points. The company experienced an operating loss of $7.1 million, which is an improvement from the previous year's $11.4 million loss. Restructuring programs were implemented to streamline sales, lower costs, and improve working capital needs.
Net sales decreased by 18.1% to $91.7 million compared to the previous year.
Gross margins improved by 310 basis points, driven by improvements in the Automotive and Consumer segments.
Operating expenses decreased by 16.6% due to restructuring programs and cost reduction initiatives.
The company reported an operating loss of $7.1 million, an improvement from the previous year's $11.4 million loss.
VOXX anticipates returning to profitability this year through restructuring, debt reduction, and reinvestment.
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