VOXX Q3 2021 Earnings Report
Key Takeaways
VOXX International Corporation reported a strong third quarter for fiscal year 2021, with net sales increasing by approximately 83% year-over-year. All segments reported higher sales and improved bottom-line performance, leading to a substantial increase in net income and adjusted EBITDA.
Net sales for the third quarter of fiscal 2021 reached $201.1 million, an increase of approximately 83% compared to the same period in the previous year.
Adjusted EBITDA for the third quarter of fiscal 2021 was $24.5 million, reflecting a year-over-year improvement of $18.7 million.
The Automotive Electronics segment experienced significant growth, driven by the VSM and DEI acquisitions and higher sales of OEM rear-seat entertainment systems and aftermarket security products.
The Consumer Electronics segment saw substantial growth in premium audio product sales, driven by expanded retail distribution, new brands, and an enhanced product offering.
VOXX
VOXX
VOXX Revenue by Segment
Forward Guidance
VOXX International anticipates continued improvements to its balance sheet and cash position by the end of fiscal year 2021 and expects one of the best years in company history from a profitability perspective.
Positive Outlook
- Demand for the EVOLVE rear-seat entertainment system with Amazon’s Fire TV continues to grow.
- New OEM programs are starting in Fiscal 2022 second quarter.
- VSM and DEI acquisitions are fully integrated and performing well.
- Premium audio product sales continue to increase significantly due to expanded retail distribution, added key brands and enhanced product offering.
- The formation of 11 Trading Company is leading to new opportunities globally.
Revenue & Expenses
Visualization of income flow from segment revenue to net income