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Aug 31, 2022
VOXX Q2 2023 Earnings Report
Reported a decrease in net sales and operating losses due to worsened global economic conditions and retailers mitigating risk, but anticipates stronger second half with a return to profitability
Key Takeaways
VOXX International Corporation reported a decrease in net sales by 12.2% to $125.7 million compared to the same quarter last year, with an operating loss of $10.0 million compared to an operating loss of $2.7 million in the prior year. The decline was attributed to persistent supply chain issues, inflationary pressures, and a decrease in discretionary spending. The company anticipates a stronger second half of the year and a return to profitability.
Net sales decreased by 12.2% to $125.7 million compared to the prior year.
Operating loss was $10.0 million, compared to an operating loss of $2.7 million in the prior year.
Automotive Electronics segment net sales decreased by 18.7% to $37.2 million.
Consumer Electronics segment net sales decreased by 9.2% to $88.0 million.
Revenue by Segment
Forward Guidance
VOXX anticipates a stronger second half of the year and expects to return to profitability, driven by OEM growth, ramp-up in Onkyo production, expanded distribution, and new opportunities at EyeLock. The company has taken aggressive actions to lower expenses in the second half of the year to become leaner and stronger.
Positive Outlook
- Automotive segment is poised for significant growth due to new OEM awards.
- Ramp up in Onkyo production and expanded distribution.
- New opportunities at EyeLock.
- Aggressive actions to lower expenses in the second half of the year.
- Fixed expense reductions resulting in a leaner and stronger VOXX.
Challenges Ahead
- Market conditions will remain challenging.
- Continued softness at retail impacting automotive aftermarket and consumer electronics businesses.
- Persistent supply chain issues.
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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