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Aug 31, 2021
VOXX Q2 2022 Earnings Report
Announced its financial results for its Fiscal 2022 second quarter and six-months ended.
Key Takeaways
VOXX International Corporation reported net sales of $143.1 million for the second quarter of fiscal 2022, an 11.8% increase compared to the same period last year. The company reported a net income attributable to VOXX International Corporation of $0.3 million, compared to $7.3 million in the comparable period of fiscal 2021.
Net sales increased by 11.8% compared to the same quarter last year, reaching $143.1 million.
Automotive Electronics segment net sales increased by 40.2% due to higher sales from DEI subsidiary and OEM sales.
Consumer Electronics segment net sales increased by 2.1%, driven by higher sales from 11 Trading Company LLC and premium audio products.
Gross margin declined by 370 basis points due to industry-wide supply chain constraints.
VOXX
VOXX
VOXX Revenue by Segment
Revenue by Segment
Automotive Electronics Revenue
CapyFin.comConsumer Electronics Revenue
CapyFin.comBiometrics Revenue
CapyFin.com Forward Guidance
VOXX expects growth will continue in the second half of the year and to be up approximately 15% for the full fiscal year. The company also expects good bottom-line performance, with extra investments in R&D to support new automotive OEM programs and future EyeLock business.
Positive Outlook
- New automotive OEM awards received and with more expected.
- Expanded distribution within our Premium Audio group.
- Added contributions from our acquisition of Onkyo’s home entertainment A/V business.
- New distribution agreement with GalvanEyes for EyeLock’s biometrics products.
- The VOXX team has done a good job navigating through what we believe was the worst of the supply chain shortfalls and we have the inventory on hand or in transit, to deliver for our customers.
Challenges Ahead
- The industry still faces supply chain constraints.
- Higher costs of materials and shipping
- Start-up production costs related to new OEM rear-seat entertainment programs.
- Significant increases in container costs and surcharges.
- Sales of certain products through new distribution channels, the latter of which, positively impacted revenue and gross profit dollars, but led to lower gross margin.
Revenue & Expenses
Visualization of income flow from segment revenue to net income